bankmecu and Foresters Community Finance to assist community organisations to buy property
Australia’s first customer owned bank, bankmecu has joined with Foresters Community Finance and the Victorian Government to assist community organisations to buy their own property and strengthen their financial positions.
According to bankmecu’s Managing Director, Damien Walsh, this partnership cements a long-standing relationship between the organisations and will see the bank provide finance to community organisations ready to invest in property.
“This is another way that bankmecu can help the community sector to grow in strength and security and we’re delighted to be doing this with Foresters who are experts in community finance.
Under the partnership, Foresters will work with community organisations (with support from the Victorian Government’s Office of the Community Sector) to help them prepare to invest in property. Once they are ready, bankmecu will work with them to arrange the finance they need to purchase a property.
“Owning property assets instead of renting premises can help improve the financial sustainability of organisations that are working hard to achieve positive social outcomes for disadvantaged members of the community.
“As a customer owned bank, we believe in the power of bringing together groups of like minded people to achieve common goals – and responsible banking services can play an important role.
“It is also because of our cooperative business model – and the fact that our profits are owned by our customers rather than investors – that we are able to design specific products and services such as these for community organisations that meet the needs of our customers,” Mr Walsh said.
Each year bankmecu’s Community Investment Program invests up to 4 per cent of its after tax profit back into a range of community projects.
“Today we are also very pleased to announce a $40,000 investment in State Schools Relief, which will bring our investment in the program to $260,000 over the past seven years.
“The State Schools Relief program helped more than 10,000 disadvantaged Victorian students last year alone, by providing them with new school uniforms and other attire they needed to start the school year.
“We are delighted to be investing in a program which ensures that kids from disadvantaged backgrounds can go to school equipped with a uniform and attire no different to their fellow students. This program ensures that kids can start school on the right foot,” Mr Walsh said.
bankmecu’s Managing Director, Damien Walsh is available for comment.
Media contact: Stephanie De Campo (m) 0432 828 004
Download a copy of the media release here.