The community is getting behind the proposal for a Bendigo bank branch in Blaxland, with $650,000 in support pledged already.
Blaxland Chamber of Commerce president Jo Bromilow was heartened that half the amount required to get the proposal off the ground had been pledged already, and was confident the remainder would be found.
“I’m on a mission,” she said.
“It has been very encouraging, but the community have to get behind it to make it happen.”
About 50 people attended a breakfast meeting of the Blaxland Chamber of Commerce on June 27, where Wayne Simpson from the Bendigo Bank explained the process for opening a bank branch.
He said 250-300 shareholders would be needed, starting at as little as $500.
“Similar to the Katoomba branch, you would need $800,000 to $900,000 to get the business up and running, for the initial fit-out and working capital to break even,” Mr Simpson said.
No member can own more than 10 per cent of shares and all have equal voting rights regardless of share allocation.
A steering committee has been formed to develop an initial proposition and manage the development. Committee members are: Jo Bromilow, Lower Mountains Neighbourhood Centre manager Peta Williams, Blue Mountains Economic Enterprise CEO Bernie Fehon, Glenbrook solicitor Sandra Morey, Rotarian Susan Wakefield, Blaxland High School principal Nikki Tunica, Kerry and Ian Thomas from Gateway Family Services and Brooklands business owner Richard Gavin. Any of these people can answer questions about the proposal.
The chamber has been in negotiation with the Bendigo Bank to attract it to the Lower Mountains, since the Commonwealth Bank’s announcement in April to close its Blaxland branch in May.
Lower Mountains Neighbourhood Centre manager Peta Williams said people have been coming into the centre express their concern about not having any bank in Blaxland.
“Some older people are never going to bank online and want the reassurance of having an actual bank to go to,” she said.
Others have begun expressing support for a Bendigo Bank branch in Blaxland.
Mr Simpson explained how the tiny town of Henty in south-western NSW, with a population of just 850 almost 20 years ago, became the first town in NSW to open a Bendigo Bank branch. From the bank’s profits they’ve contributed to the construction of a community centre and attracted aged care facilities to the area.
“It’s [a bank branch] a cornerstone to bringing people to your shopping strip and keeping it vibrant,” Mr Simpson said.
The steering committee is seeking pledges of support from the community to buy shares in the company and bank with the business. For more information email info@blaxlandchamber.com.au.
