It’s time to invest in the community

THE creation of a new community bank for the hinterland has taken a step forward, with organisers now asking investors to support the project from as little as $100.

Businessperson and former Glasshouse Country Chamber of Commerce president Ursula Starkovsky is urging investors to step up and help establish a community bank for the area following years of major banks deserting the region.

A steering committee was established last year and talks are now underway with Heritage Bank about a new community bank venture.

If successful, the community bank would be managed by a board consisting of locals with services tailored for the needs of the community.

The region also benefits with a share of branch profit returned to community, sporting and cultural groups via grants each year.

By way of example, the Heritage Community Bank branch at Palmwoods returned more than $100,000 in grants to local groups in 2021.

Ursula is now urging people to invest between $100 and $10,000 to cover initial setup costs.

The anticipated timeframe for full repayment would be five years, after which profit would become available for grants.