An Australian-first partnership between Deakin University and Bendigo Bank has proven a potent combination in its first year, with a $50,000 grant program announced today.
Thanks to the banking business of the university’s students, staff and alumni, Deakin University Community Bank® is one of our fastest growing community engagement models, reaching surplus within its first year of opening.
The success of the model means that the key aim of the partnership, to generate funds for the wider Deakin community, has been realised, with $50,000 worth of grant funding made available for clubs and societies, scholarship and research programs or community projects.
The funding was announced at Deakin’s Waterfront Campus this morning during an event to celebrate the Deakin University Community Bank® first birthday.
Deakin Vice-Chancellor Professor Jane den Hollander said the partnership had proven to be a meaningful way for students, staff and alumni to contribute to the University community.
“We are delighted to now be able to open applications for funding to the Deakin community as a celebration of our first year of operation,” Professor den Hollander said.
“This innovative collaboration is another way for Deakin to continue supporting the communities we serve with this tremendous sustainable income stream set to grow even further as the business grows.
“Our hope is that through the ongoing support of Deakin students, staff and alumni who have chosen to bank with Bendigo Bank through the Deakin University Community Bank®, we will be able to assist many more students to fulfil their dream of attending university in the coming years.”
Bendigo Bank Managing Director Mike Hirst said the project had so far exceeded all expectations, and anticipates continued growth, creating a sustainable income stream for valuable projects.
“Banking is an essential service that we all pay for, so it makes sense to put your banking where it can support projects that matter to you,” Mr Hirst said.
“The support we have already seen in this first year means that banking profits can be injected into projects that are important to the Deakin community, and to have such a significant grant program to announce today really shows the strength of attachment to Deakin.
“Many people are discovering that their choice of bank can improve communities and even change lives in ways they didn’t expect. Bendigo Bank’s quest to make a difference in our community has shaped the way we think about banking, because we know that if the community is doing well then we can do well as a financial institution by sharing the value we create.”