Preston green lights community bank

North West Mutual Bank can now begin the process of applying for a banking license after Preston City Council agreed to join the local authorities from Liverpool and Wirral in the venture.

The announcement comes following the launch of Community Wealth Building 2.0, a commitment by Preston City Council to continue building a democratic economy in the city.

The Community Bank plays a key role in this work and will strive to address regional inequalities and provide services and support to a diverse range of business and community ventures in the region.

The bank, which successfully registered with the Financial Conduct Authority in May 2020, can now take steps toward registering its trademarks and other intellectual property required to operate as a bank.

Coun Freddie Bailey, cabinet member for community wealth building at Preston City Council, said: “This is an exciting step in our project to bring Community Banking to the North West. With many high street banks closing it’s an important time to offer local people and businesses an alternative that will put people over profit and reinvest funds into our communities."

Coun Martyn Rawlinson, cabinet member for resources and performance at Preston City Council, said: "Small businesses have felt the effects of the pandemic most and will need support to bounce back and thrive. By working with a Community Bank, small businesses and community focussed projects can get the best services and advice from an organisation that understands their work and the communities they serve.

"As we look to rebuild from the pandemic it is important that we place people above profit and take bold and innovative action to bring real social value to the places we live by investing in small businesses and community projects that give back to their communities. The Community Bank is an important step in this journey."

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