By LACHLAN MOORHEAD
AFTER two years of campaigning, Narre Warren North is edging closer and closer to having a Community Bank introduced to the area.
The Narre Warren North project has already garnered over $600,000 worth of pledges so far, with $850,000 needed for Bendigo Bank to organise a prospectus evaluating the need for a Community Bank in the suburb.
Community banks, a Bendigo Bank initiative, are led by volunteers in order to supply grants and sponsorships to sporting and recreation clubs, support organisations and community programs.
Trevor Ratcliffe, Pledge co-ordinator for the Narre Warren North Community Bank Project, said community banks strengthened the local community through aiding local organisations.
“A community bank is an entirely community-driven enterprise,” he said.
“Eighty per cent of our profits go back into the community through grants and sponsorships and 20 per cent is retained for distribution to shareholders.”
Following the success of a Community Bank in Narre Warren South, the Narre Warren North Steering committee has spent many hours promoting the establishment of a similar institution on the North side, with over 400 people already pledging their support.
“Bendigo Bank wanted us to test the level of interest within the community. These are pledges to buy those shares,” Mr Ratcliffe clarified.
“We try and gauge the current level of interest until Bendigo can see a prospectus, which acts like a product disclosure statement.”
Mr Ratcliffe said feedback to introducing a Community Bank in Narre Warren North was extremely positive and held high hopes the venture would become a reality soon.
“We’re very hopeful; it takes a bit of time. Once we reach over $800,000, we need to appoint independent consultants,” Mr Ratcliffe said.
“This will help build community identity and is geared towards local needs.
“I’m as confident as we can be. The pledges are still coming in.”
To make a pledge or for more information, contact Mr Ratcliffe on 9700 5061.
