Despite running into a slight "hiccup", Cabonne Council has thrown its weight behind Canowindra's bid to establish a community bank in the town.
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The Council pledged $50,000 to Canowindra's fledgling community bank, despite the venture falling outside the Council's investment policies.
Cabonne councillor Anthony Durkin said Council will honour their pledge by sourcing funds from other accounts. He added when he put the motion forward, it was approved unanimously.
"Now it's up to [the community] to buy into the future of the town," Cr Durkin said.
"Make a decision and get behind it."
Mayor Ian Gosper said the Council was happy to agree to Cr Durkin's request to support the Canowindra community's push for the new bank.
"Canowindra residents are hoping to obtain $750,000 in pledges to establish Bendigo Bank in the town. I understand more than $400,000 has been pledged so far and hopefully Council's $50,000 pledge will keep that momentum going," Cr Gosper said.
Each dollar pledged by individuals or businesses will become a tradeable share in the Canowindra District Community Bank, which would operate under the Bendigo Bank franchise.
Before the company can start trading, it will have to complete a feasibility study and business plan at the direction of Bendigo Bank Ltd.
For people still considering investing in Canowindra's Community Bank, an information evening is to be held at Finn's Store on Thursday, July 24.
Sue Corcoran, Boorowa Community Bank steering committee member and now chairperson of the board of directors, will be sharing her experiences in getting the community bank project off the ground at the meeting, which kicks off at at 7 for 7.30pm.
More than 170 people have now pledged a total of more than $500,000, three-quarters of the way towards the $750,000 target set by Bendigo Bank.