Community Bank Update

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Canowindra’s Community Bank project is moving forward, with a meeting next week set to establish a committee and stakeholders for the initiative.
Cheryl Newsom, the newly appointed Chairman of the proposed Community Bank in Canowindra has coordinated a meeting for Tuesday August, 20, commencing at 7 pm at the Canowindra Services Club.
Following consultation with Bendigo Bank Representative, Chris Pursehouse, Ms Newsom said there are several factors to be considered to start the ball rolling on this community initiative.
“Firstly, we need to come up with a name for the proposed Bank and establish a banking account,” she said.
Ms Newsom said committee pledges are required by Bendigo Bank in order to conduct a feasibility study, ensuring Canowindra’s suitability for a Community Bank.
“The feasibility study would establish whether or not the community would be able to support it and they’ll be looking at things like demographics, population and viability,” she said.
“The pledges mean the amount of funds either businesses or individuals would be prepared to put in, anywhere between $500 and $5000 for individuals and businesses.”
While Ms Newsom couldn’t confirm the local businesses who have pledged or plan to pledge support for the venture, she said interest in the community project has been significant.
“We’ve had a huge level of interest in the Community Bank; the community really need a bank with full services and regular trading hours,” she said.
“The Community Bank will be just like a normal bank, open 9-5pm, five days a week.”
All business and individuals submitting a pledge will become a shareholder in the Community Bank, a venture Ms Newsom said is set to benefit both the local community and surrounding towns.
“The Community Bank affords Canowindra with the opportunity to have a source of funds to be given back to the community to ensure the ongoing long term success and viability of the town,” she said.
“Cudal, Cargo, Canowindra and all the towns around the area will be benefit from the Community Bank and even those who are living away but still have a connection to the area can become shareholders.”
An approximate target of $700,000 in pledges was outlined by Ms Newsom as that needed by Bendigo Bank to establish the Community Bank, with a lesser figure required in order for the feasibility study to be conducted.
“We need $13,000 to $15,000 for the feasibility study and we’re hoping that Cabonne Council will assist with that,” she said.

Ms Newsom strongly encouraged all businesses and community members to attend next Tuesday’s meeting.
“We need to establish a committee which has a broad cross section of the community, so we are appealing to all of those in businesses, local farmers, wineries, and the service industries in Canowindra and district to attend,” she said.
“If we want this to succeed, we need this committee to be established as soon as possible,” she said.
For more information phone Cheryl Newsom; 0411 211 065 .

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