Oakland, California (EastBayDaily) — The Federal Home Loan Bank of San Francisco announced last week that Beneficial State Bank was awarded two grants of the seven grant applications submitted to help nonprofits build their capacity. The two awardees, Northern California Land Trust and Insight Prison Project, were selected to foster economic development and promote community stability and self-sufficiency.
The Northern California Land Trust has been awarded a $25,000 grant to help create a revolving loan fund to enable five community land trusts to acquire properties that are occupied by low-income residents and small businesses at risk of displacement.
Insight Prison Project, a Beneficial State customer, was awarded $40,000 to provide a new financial skills component to their existing program, making sure participants have the knowledge and tools to support themselves once released back into the community. IPP's grant will also expand the program to additional participants and provide evaluation of the impact of the project.
The AHEAD Program enables Bank members to give a critical, early boost to local programs and projects that target pressing community development needs. AHEAD also creates and preserves jobs, facilitates public and private infrastructure, and delivers training, social services, and programs that benefit low to moderate income families.
About Beneficial State Bank
Beneficial State Bank is an FDIC-insured Community Development Financial Institution (CDFI) and certified B Corporation, that serves businesses, nonprofits, and individuals. Beneficial State Bank operates from a triple bottom line measuring its financial, social, and environmental impact to meet the needs of its communities. The bank is headquartered in Oakland, California with branches in Seattle, Washington, Portland, Oregon and a loan development office in Sacramento, CA.