Community Development Financial Institution (CDFI)
We’re proud to be a CDFI.
Beneficial State Bank was founded to prove that a better banking system is possible, so it was clear from the start that we would become a Community Development Financial Institution (CDFI). We are proud to be one of 176 CDFI banks in the United States and one of nine CDFI banks on the West Coast. CDFI certification, issued by the United States Treasury Department, requires that at least 60% of our lending occurs in low-to-moderate income (LMI) neighborhoods. We go beyond that requirement by committing at least 75% of our lending portfolio to sectors that have a positive impact on communities and the planet.
Our impact as a CDFI is rooted in our commitment to shared prosperity. Wholly owned by nonprofits and governed in the public interest, Beneficial State Bank operates with a triple bottom line: People, Planet, and Prosperity For All.
Our products and services positively impact low-to-moderate income communities.
Banking products, services, and programs designed to meet community needs
Matched savings accounts (Individual Development Accounts - IDAs)
Community-focused collateral and underwriting guidelines
When you bank with a CDFI, you know your money is being used for good in your community. If you’re interested in moving your organization’s money to Beneficial State Bank, connect with one of our bankers to get started. We’re here to help.
Financial institutions receive CDFI designation from the U.S. Treasury Department. Our CDFI designation means that a government agency has evaluated our work and determined that we walk our talk. While other institutions may say the right things, CDFIs like Beneficial State Bank prove our impact. CDFIs must recertify annually.
How do CDFIs finance their programs and services?
Each organization is different. Nonprofit CDFIs rely on philanthropic donations and municipal public funding sources. Depository institutions like banks and credit unions use deposits to make investments in the communities they serve. In addition, the U.S. Treasury awards grants and funds to CDFIs to support their work in marginalized and excluded communities. In December 2021, the Treasury announced $8.7 billion in new capital to CDFIs. Beneficial State Bank is proud to be included in the list of organizations awarded. Other grants and funding sources are also available to CDFIs.
Where you bank makes a difference.
Your bank uses your deposits to make investments. By choosing to bank with a CDFI, your deposits support affordable housing, locally-owned small businesses, and fair financial services in your community. Find a CDFI near you.
If you’re interested in banking with Beneficial State, please connect with us. Our experienced team is ready to work with you.
Banks are powerful, but so are you. When pooled together, our deposits can finance affordable housing, renewable energy, and business cooperatives – a new, inclusive economy. Whether you are an individual or an organization, where you put your money matters.