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Town may benefit from community bank
10:00am Tuesday 15th October 2013 in News
THE people of Andover could benefit from a community bank.
A group of finance experts is to set up Hampshire Community Bank, in the hope of reinvigorating the county’s economy.
Created by Local First, a community interest group, it would be a locally-owned and run bank for the benefit of local people.
Eastleigh Borough Council has already said it would invest in the business.
Depending on the level of customer deposits, the bank hopes to lend at least £100m in its first year.
The group intends to raise £7m and hopes the government will match it to create a total of £14m.
Deposits up to £85,000 will be protected under the government protection scheme.
The bank itself must undergo regulatory approval and Local First hopes it will be up and running in two years’ time.
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