Renewable energy has always been a focus area of Beneficial State because we believe that as a bank, we have immense power to reduce the impact of climate change by choosing to fund clean, renewable energy. Over many years, we welcomed and built a team with experience working with numerous kinds of environmental projects and stakeholders. These projects have included financing various renewable energy production projects in the solar, biogas digester, small hydro, geothermal and wind spaces. To scale our impact in the environmental and renewable energy production space, we decided to consolidate all this lending and formed the Earth Services Team, creating a platform for the development of new products and to scale our internal understanding of environmental lending.
Thus, the Earth Services team at Beneficial State Bank works to organize and grow the Bank’s desired impact through financial products offered to entities addressing critical environmental issues. Phase 1 of this team’s work is to actively pursue banking relationships, community partnerships, and collaborations in five sectors:
- Solar Photovoltaic Projects (and other renewable energy and efficiency projects)
- Environmental Remediation and Environmental Service Firms.
- Environmentally-focused Nonprofits
- LEED, One Planet, and other Sustainable building projects
- Stormwater Management Systems for C&I businesses
In the past year, the team has spent time developing two new products that help Beneficial State Bank better serve organizations with a commitment to environmental change.
1. Change Maker Deposit Accounts
The Change Maker Deposit Account offers favored preferred interest rates to organizations that make a commitment to increased positive environmental change during the course of their banking relationship with Beneficial State Bank. These rates match our already existing B Corp and Nonprofit preferred rates. This program is applicable to any new and existing client that is eligible under program definition of “signed business commitment to positive climate or environmental action”.
2. Solar Power Builder Program
The Solar Power Builder Program provides small term loans for businesses to set up solar on their properties. We are currently in the process of rolling out the program.