Because the Rochester, Elmore and Lockington Community Bank has just smashed through the $4 million barrier on money it has injected back into the district it serves.
The bank sinks about 80 per cent of its profits into the community through sponsorships, scholarships and other initiatives.
And with the bank’s latest community funding round open until September 30, local groups have another opportunity to put their hand up for support.
Bank manager Lauren Ross said the bank was a community-owned company operating as a Bendigo Bank franchise.
The bank has about 750 shareholders and is governed by seven volunteer directors, with local people making decisions about its strategy and where money is invested.
“All the decisions which are made around our strategy and where we invest are made by locals,” Ms Ross said.
The bank’s $4 million-plus has supported an incredible range of local initiatives.
The funding model is designed to be cyclical, with profits generated by the bank returned to the community.
“Basically, if you bank with us, and the more people who bank with us, the more our profits are returned to support local initiatives,” she said.
The money is distributed through sponsorships, scholarships and other programs, with the seven volunteer directors deciding which projects receive funding.
“We have locals who decide which projects get funded,” Ms Ross said.
“And we have an amazing board of local volunteer directors who make those decisions for us.”
The bank's community sponsorship program opens twice a year, in April and September, giving community groups the chance to apply for support.
The current September funding round is open until September 30.
Applications are submitted through SmartyGrants, although Ms Ross said groups should not be put off if they found the application process difficult.
“Reach out to me, we can try to do it together over the phone or even meet up in person to do it together,” she said.
The funding is open to projects that will benefit the local community.
“It’s just open to anything that’s really going to make our community be a better place,” Ms Ross said.
The bank has also supported local students through its scholarship program, helping 32 university students since 2023 with expenses, including accommodation and travel and study costs.
For Ms Ross, the programs are an example of how community banking can turn local support into local investment.
“We do that through sponsorship, scholarships, stipends to shareholders, and things like that,” she said.
For further details go to lockmore.com.au/community-contributions/#community-sponsorship
17°C