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An ideologically-driven bank founded by a leftwing billionaire offers loans to illegal aliens as part of its effort to fight “centuries of systemic racism,” using a little-known financial tactic to profit off America’s mass immigration crisis.
Beneficial State Bank, a project of billionaire Democrat donor and former presidential candidate Tom Steyer, utilizes Individual Taxpayer Identification Numbers (ITINs) to give loans to illegal aliens who would not otherwise be able to access lines of credit.
Rather than characterizing it as a way to corner the lending market for illegal aliens, who may otherwise struggle to access traditional financial tools, the Oakland, California-based bank says that its loan offerings are part of a plan to combat “systemic racism.”
“Beneficial State Bank is committed to addressing financial inequalities that disproportionately affect communities of color, a result of centuries of systemic racism,” the bank said in an announcement for its 2022 impact report. “The bank aims to foster financial security and broaden access to fair, transparent financing for all its customers, including those in immigrant communities.”
“A key initiative is lending to immigrant customers who may not have Social Security numbers but possess Individual Taxpayer Identification Numbers,” the announcement reads. “In 2022 alone, Beneficial State Bank issued $25 million in auto loans to 707 ITIN borrowers.”
The bank doubled down on its effort to offer loans to illegal aliens the following year, its 2023 impact report reveals.
“Because many financial institutions require social security numbers, people without them, such as recent immigrants to the United States, can face barriers to qualifying for the loan they need to purchase a car,” the report reads. “The bank lends to customers with Individual Taxpayer Identification Numbers, providing critical access to credit and expanding financial inclusion.”
The bank noted that roughly 10% of the 16,000 active auto loans have been given to “customers using this alternative documentation.”
The program is specifically intended to appeal to illegal aliens. A subsidiary of Beneficial State Bank “first began lending to undocumented immigrants through furniture loans by partnering with furniture stores,” the Global Alliance for Banking on Values wrote.
Beneficial State Bank also offers loans to people with California AB 60 driver’s licenses, a specific type of license that can be obtained by “individuals who are unable to provide proof of legal residence in the United States.” The bank says that this loan offering allows “people without a social security number to access credit.”
Beneficial State Bank did not respond to a request for comment. But the bank is not the only financial institution that caters to illegal aliens by giving out ITIN loans. Prysma Lending, a mortgage lending company that operates in seven different states has actively courted illegal alien customers and has disbursed over a billion dollars in loans, a Daily Wire investigation revealed.
The company hosted a talk with an immigration lawyer and created a guide for illegal aliens who encounter federal law enforcement, telling customers how to trigger a “credible fear” interview to avoid deportation and explaining that “the interview process can slow deportation proceedings, giving you time to build a legal defense.”
WATCH: A mortgage lending company admitted that its loans are targeted at illegal aliens — and even created a guide for illegals on avoiding deportation.
While Americans struggle to buy homes, Prysma Lending is selling out our country to illegal aliens one home at a time.🧵 pic.twitter.com/E9n1bql7bi
— Spencer Lindquist 🇺🇸 (@SpencerLndqst) May 28, 2025
The ITIN loan scheme also fueled the growth of Colony Ridge, the Texas development that The Daily Wire exposed as a hotbed for thousands of illegal aliens, including drug runners, cartel members, and suspected murderers.
Leaked emails from the former head of a lobbying organization for Texas land developers indicate that there is an entire lending industry catered to illegal aliens. The developer admitted in an email to his colleagues, obtained by The Daily Wire, that “we will not be able to sell our developments if each of our buyers have to have [social security numbers].”
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