In August, Beneficial State Bank promoted Matt Anderson, senior vice president and relationship manager, as its new director of nonprofit banking, leading product and service development for the bank’s team of nonprofit specialists.
“Portland has a rich variety of nonprofits supported by a community that believes in positive change and the power of collective impact,” said Anderson. “As advocates for environmental sustainability, economic opportunity and social justice, we want to see them succeed. Our expertise and services are built around the unique capital and cash management needs of nonprofits that consider fund sources, programming and services and growth goals.”
Benficial’s current clients include local nonprofits like ROSE Community Development and Mercy Corps Northwest. The bank is owned by the nonprofit Beneficial State Foundation, focusing on social justice and environmental well being, and in 2013 it completed a stock purchase for 90 percent of Albina Community Bank to provide critical capital for the neighborhood banking institution. Like Beneficial, a Certified B Corporation, Albina also serves the local nonprofit community.
In addition to financing real estate purchases, bridging gaps during capital campaigns and accessing lines of credit to manage cash flow between grants, the banks offer a network of attorneys, accountants, grant writers and fundraising specialists with emphasis in nonprofit management they can activate on behalf of their nonprofit customers.