Blue Economy to Receive Massive Economic Boost Thanks to Beneficial State Bank and AltaSea

LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles, the nation’s leading destination for the blue economy, and Beneficial State Bank officially cut the ribbon on the bank’s newest commercial loan hub on AltaSea’s campus at a news conference on January 12, 2023. The move signals yet another milestone for the burgeoning blue economy, as Beneficial State Bank’s presence at AltaSea will speed the sector’s growth, and it will help local nonprofits and businesses – including many that are located on AltaSea’s campus – thrive.

Beneficial State Bank, founded by Kat Taylor and Tom Steyer in 2007, is a foundation-owned, for-profit bank, as well as a Community Development Financial Institution (CDFI) and Certified B Corporation. The mission-focused bank is committed to giving back to their community and helping their clients help others.

We are thrilled to expand beneficial banking services into San Pedro and Long Beach to help finance the blue-green revolution,” said Taylor. “Like AltaSea, Beneficial State Bank fosters business as a force for good and supports the innovation and growth of bold changemakers – for-profit and non-profits – to help create a thriving world."

Beneficial State Bank’s vision is to create a more equitable economy that serves everyone and creating a banking industry that prioritizes a triple-bottom-line: people, planet, and prosperity for all.

“We are thrilled to have Beneficial State Bank join us on AltaSea’s campus,” said AltaSea President & CEO Terry Tamminen. “For entrepreneurs, especially in the burgeoning fields of the blue economy, access to capital is critical for their growth. Some are funded by angel investors or government grants, but their research, development, and growth needs require more than that. Having the Beneficial State Bank loan hub right here on our campus means that banking experts are at their fingertips.”

Monique Johnson, Beneficial’s Senior Vice President, Director of Client and Community Partnerships, said the bank’s mission is focused on beneficial banking, in harmony with nature, to help more people and help people more. The investment made help the planet, making it uniquely qualified to serve the needs of blue economy businesses. The new location will enable the bank to have a strong physical presence and mission-alignment with the environmental change-makers it wants to help.

“AltaSea is all about generating innovative solutions to global challenges of human and environmental sustainability,” said Johnson. “From feeding the earth’s growing population to providing education to all ages and blue economy-related careers, these companies need to know they can rely on a steady stream of collaboration and banking services from people who truly understand their businesses and how those businesses can positively affect our planet. That is why establishing a presence of this type within the AltaSea campus is so important to the ecosystem.”

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Photos from the event can be found here. (Credit: Arturo Garcia-Ayala/AltaSea)

About Beneficial State Bank

Beneficial State Bank (Beneficial State) is a state-chartered, federally insured and for-profit bank. Its economic rights are majority-owned by the nonprofit, Beneficial State Foundation, which is in turn permanently governed in the public interest. That ownership allows the bank to prove and maintain an innovative model for banking that generates benefit for people and the planet while being financially safe and sound. Beneficial State is both a Community Development Financial Institution (CDFI) as designated by the US Treasury and one of the world’s top Certified B Corporations since it was awarded B Corp status in 2012. Member FDIC Insured, Equal Housing Lender.

About AltaSea at the Port of Los Angeles

AltaSea at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.

For more information on AltaSea, please visit: https://altasea.org.