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Money on a Mission - Kat Taylor, Beneficial State Bank CEO Interview in Seattle

623 views · Published 9 February 2017 · 9:53 · Indexed 18 October 2026

Channel: Len Davis · 2017 · Travel & Events

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Looking for a great bank on the West Coast? Interview with Kat Taylor, Beneficial State Bank's founder and CEO at their 'Money on a Mission' event in Seattle. Filmmaker and BSB customer Len Davis interviews Kat about the bank, economy, activism, crowdfunding and more, and Kat sings. BSB's mission is to build prosperity in communities through beneficial banking services delivered in an economically and environmentally sustainable manner.
To learn more visit http://www.BeneficialState.com and to see more of Len's work visit http://www.youtube.com/LenDavis http://www.LovingLegacyVideo.com and http://www.PangealityProductions.com

   Beneficial State Bank's founding team shared a vision to start a bank that finances community-based businesses, builds the long-term prosperity of responsible consumers and supports companies that have a commitment to the environment.
   Typically, mainstream banks work with big businesses that offer conventional products with relatively low risk -- but often in a way that bars new, more sustainable ways of meeting our needs, like sustainable agriculture or clean energy. If we want to build our local community economies, then the underserved sectors must become the primary focus of our bank and other organizations committed to local living economies.
   Related to evolving our means of production, our bank also must create fair and transparent access to financial services to build financial literacy and economic prosperity for all. Those who live and work in local living economies need safe ways to conduct transactions and save money, as well as living wage jobs for reliable prosperity.  Our vision is of a banking industry that is fair to the person with the least bargaining power and provides access to financial services for all our communities.
   When the bank was created, the founding team donated all the economic shares to the Beneficial State Foundation. That means the Foundation owns all of the economic rights of the Bank -- when profits of the Bank are distributed, they can only be distributed to the Foundation which is mandated to reinvest those proceeds back into the communities and the environment on which we all depend. In our theory and experience, this ownership model aligns our incentives with the triple bottom line and the values of our bank customers.
   We sum up this philosophy in the phrase “Beneficial Banking.” Beneficial State offers a full line of traditional banking services, but with a distinct focus on the traditionally underserved: low-income communities, sustainable businesses and job creation. And we look for ways to help non-profit organizations and businesses that typically find conventional financing out-of-reach, such as specialty agriculture, renewable energy, green building and low-income housing.

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