The North West Mutual Bank is a bit nearer to opening as Preston council has joined forces with other local authorities in the region. Community banking can promote local economic development. Print shops may get a boost from vibrant local economies, particularly when the wider economic context is promising.
It will now be possible for the bank to register its intellectual property, with a view to beginning to operate. When the bank gets going, it should be able to have a positive impact on the affluence of the community. Councillor Freddie Bailey, who is responsible for building local wealth, told Lancashire Business View:
“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.”
Councillor Martyn Rawlinson is keen for the bank to get up and running, because he appreciates that many small businesses have been adversely affected by the international pandemic.
About a year ago, the bank registered its details in line with the requirements of the Financial Conduct Authority. This means that the bank should have the capacity to assist small enterprises in the near future.
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