In 2011, Dave Fishwick decided to open Burnley Savings and Loans to help small businesses and people in Burnley, Lancashire. His aim was to help them to secure loans that they would otherwise be refused by more established banking institutions typically found in our high streets. Fishwick’s fascinating story is now being made into a Netflix film starring James Bond actor, Rory Kinnear, in the primary character’s role.
Who is Dave Fishwick?
Born into a working-class family, their home had an outside toilet and his family didn’t own a television. Despite money being tight, both Dave and his brother received an abundance of love from their family and the wider community. His father had two jobs; one as a farm labourer and mill supervisor. His mother worked at the same mill. It was seeing their work ethic that inspired his own work ethos.
Dave became a self-made millionaire through hard graft. He did this by selling vans and minibuses. But, unlike a lot of people, he wanted people around him to do just as well. It was his passion for his local Burnley community that led him to fight the London financial industry. Dave believed he could help his community turn around its fortunes and thrive.
Fishwick set himself an objective to create a bank and lead it into profit within 180 days. It was this tenacity that led to him being the first person to be issued a banking licence in over 100 years. His local community remembers him as being the person that helped him when others wouldn’t.
Bank on Dave
Dave noticed banks were reluctant to help his customers. This was impacting his business to the point Dave decided to be proactive and help his clients. This proved to be very successful, and so he decided to open Burnley Savings and Loans. Initially known as Bank on Dave, until Dave got his banking licence, what it did was link savers to local businesses. Interest was charged at 8.9% and investors could make 5% on savings and any profits went to charity.
Applications were assessed by a bank manager with deep financial knowledge, rather than blanket algorithms that high street banks used. In the past ten years, Burnley Savings and Loans has lent nearly an astonishing £30 million and has a three-year waiting list for customers to open a savings account.
The people of Burnley trust Dave and his bank with their hard-earned money, and it’s clear to see why as it has approximately a 97% repayment rate. Banks are renowned for being secure institutions in our high streets. Even in games, they, or those that run them, often hold positions of responsibility.
For instance, The Banker, whereby teams represent a bank with their own balance sheet. The object of the game is to increase their balance and keep the bank in profit whilst balancing their payment obligations. Another game is Action Bank, which requires players to try to get to the vault via the slots to win the jackpot. There are plenty of prizes along the way, such as the player winning thirty free spins if they get 5 golden vault scatter symbols.
Source: Pixabay
Bank of Dave shows us that anything is possible if we strive to achieve it. From humble beginnings to being a millionaire, Dave Fishwick not only became a success, but he paid it forward and helped many people and small businesses in his community succeed too. Banks should be there to help everyone and Dave ensured this was true for those in Burnley.
