Help for NFP Property Investments
Monday, 2nd April 2012 at 4:54 pm
Community organisations may now be able to purchase their own property, and in turn strengthen their financial positions, following the announcement of a joint initiative between bankmecu, Foresters Community Finance and the Victorian Government.
Under the partnership, bankmecu says that 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.
bankmecu says it will then work to arrange the finance they need to purchase a property when they are ready.
According to bankmecu’s managing director, Damien Walsh, the partnership cements a long-standing relationship between the organisations and will see the bank provide finance to community organisations ready to invest in 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,” Walsh said.
“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.”
bankmecu says that each year its Community Investment Program also invests up to 4 per cent of its after-tax profit generated from its more responsible approach to banking 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,” Walsh said.
“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.”
Of the partnership with Foresters, Walsh said bankmecu was “delighted” with the partnership.
“This is another way that bankmecu can help the community sector to grow in strength and security,” Walsh said.