Burnley Savings and Loans

Burnley Savings and Loans Limited (BSAL) (also known as 'The Bank of Dave') is an independent lending company based in Burnley, United Kingdom founded by David (Dave) Fishwick, a local businessman, in 2011.[1]

Burnley Savings and Loans (BSAL)
IndustryFinancial Services
FoundedSeptember 2011 (2011-09)
FounderDavid Fishwick
Headquarters
Burnley
,
England
Area served
Lancashire
ProductsBusiness and Personal Loans
OwnerDavid Fishwick
Number of employees
10+[1]
Websiteburnleysavingsandloans.co.uk

The scheme gained media attention after Fishwick's early efforts were captured in a series for Channel 4 in 2012, including his call for parliament to reform the banking system. In 2017, BSAL applied to become a UK regulated bank, 'The Bank of Dave', offering an expanded range of products to an expanded audience.[1]

History

During the financial crisis, Fishwick felt that the current banking system needed change as he felt that traditional high street banks weren't lending enough money to people or small businesses. He also recognised the negative view of larger banks held by the wider population, particularly the 'bonus culture' that these banks' employees were benefiting from.[1][2]

In response to this, he assembled a small team and began lending through BSAL by personally underwriting all loans and assessing the risk of each loan by studying the business models and repayment plans of his customers. Since opening, the scheme has lent to thousands of customers, mainly centred around Lancashire and the North.[1][3]

After six months of trading, BSAL had returned a profit and passed it on to various charities, including local food banks and community centres.[2]

Media coverage

BSAL has received much media attention since it first opened its doors in 2011. The Channel 4 series Bank of Dave, was broadcast in the UK in July 2012, and was later aired around the world by various broadcasters.[4][5] It followed the creation of the scheme as it opened its doors to the public. A follow-up Scottish BAFTA winning episode named Bank of Dave: Fighting the Fat Cats was shown in February 2013, with Dave's Sunday Times bestselling book of the same title, describing what the venture had entailed, being released later that year.[6][7][8] Since then, the UK and international media has maintained its interest in the charismatic entrepreneur behind BSAL, with regular column inches in the mainstream UK and worldwide press, and many TV programmes broadcast on Channel 4 and CNBC on the theme of consumer interest.

Lobbying

After the first series aired in 2012, Fishwick has continued to lobby parliament to reform the UK's banking system, which has received support from former Shadow Business Secretary Chuka Umunna MP, who supported the idea of a bank looking to "serve and grow the local economy rather than just for profit and serving the shareholders".[3] Steve Baker MP, former member of the Treasury Committee, has said, "It is towards this model that the world should move."[9]

References
  1. "BSAL Website, About Us". Burnley Savings and Loans. Retrieved 30 October 2017.
  2. Patrick Collinson (6 July 2012). "Bank on Dave: one man's crusade to help small businesses raise finance". The Guardian. Retrieved 31 October 2017.
  3. Kenyon, Ben (24 May 2013). "Leading MP Backs Burnley's Bank of Dave for Britain". Clitheroe Advertiser and Times. Retrieved 31 October 2017.
  4. "Factual Entertainment and Features, Programme Information: Bank Of Dave". Channel 4. Retrieved 31 October 2017.
  5. Caroline Frost (17 July 2012). "TV REVIEW: The Bank Of Dave - How One Burnley Boy Brought A Little Ray Of Hope..." The Huffington Post. Retrieved 30 October 2017.
  6. "British Academy Scotland Awards: Winners in 2013". BAFTA Scotland. 17 November 2013. Retrieved 30 October 2017.
  7. Lucy Mangan (1 March 2013). "Bank of Dave: Fighting the Fat Cats; The Wedding Shop – TV review". The Guardian. Retrieved 31 October 2017.
  8. Fishwick, Dave (2012). Bank of Dave: How I Took On the Banks: The Story of One Man's Heroic Attempt to Take On the Banks. Virgin Books. ISBN 978-0-753-54078-7.
  9. "Dave Fishwick creates banking history in Burnley". Burnley Express. 30 July 2013. Retrieved 31 October 2017.
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