Pyrmont community banking on success

 The city’s first locally-owned Community Bank may soon become a reality, with almost $600,000 being pledged to help fund a branch in Pyrmont.
For a number of years, both local small business and large corporate organisations based in Pyrmont have supported the idea of establishing the Community Bank.
“[The bank] will operate to meet the needs of local businesses and their staff, as well as residents,” chairman of the steering committee, Bruce Napthali said.
“The Community Bank branch is an important component in work by the Pyrmont Ultimo Chamber of Commerce and community group Pyrmont Progress to revitalise the business centre of Pyrmont to help create a vibrant community village.”
According to the steering committee, research shows that local business can increase by up to 20% in areas where a Community Bank is established.
The next step will involve an independent feasibility study, which the committee expects to complete in August this year. That will allow them to create a publicly owned company and raise the money needed to establish the branch.
“If we can achieve those milestones, Pyrmont’s locally-owned Community Bank branch will be up and running by this time next year,” Mr Napthali said.