Burnley Savings and Loans

Burnley Savings and Loans Limited trading under the slogan "Bank on Dave!" is an independent lending scheme based in Burnley, United Kingdom founded by David Fishwick, a successful minibus retailer, in September 2011. It aims to offer 5% AER on savings and to lend to local businesses at 8.9% to 14.9%, with no bonuses for the staff of ten. The company also wishes to be separate from regular high street banks.

It was set up in 2011 by Dave Fishwick, who felt that the current banking system was corrupt and needed change; he felt they weren't lending enough money to people or small businesses that needed a kick-start to get going, and that the rate of interest for savings was too low. As such, Fishwick decided to use an above-market 5% AER. All profits after overheads are given directly to charity. The business does not credit score and uses a common sense approach to underwriting all applications. In July 2012 it was reported that 0.5 percent of loans were in arrears.

There was trouble persuading the Financial Services Authority to grant Fishwick a banking licence and name it an actual bank. The naming found a loophole as Bank on Dave, officially an advertising slogan. He found premises in Burnley and it officially opened to the public with a ribbon-cutting ceremony with comedian Ted Robbins in September 2011. Allegedly, the key to the safe was previously kept behind a bottle of cherryade in a cupboard. Fishwick himself personally guarantees all money customers put in. The company has now reached its target of lending £500,000 a month and has a waiting list of new customers.

The process of starting the scheme was followed by a TV series named Bank of Dave, which was broadcast in the UK on Channel 4 in July 2012, with a follow-up episode named Bank of Dave: Fighting the Fat Cats shown on 28 February 2013. Fishwick also wrote a book by the same title describing what the venture has entailed.

Since the airing of the first series David Fishwick, on behalf of Burnley Savings and Loans, has been encouraging parliament to reform the UK's banking system. This has been met with some degree of success with many leading political figures voicing their support. Former shadow Business Secretary Chuka Umunna has been quoted as saying “Dave said he can do so much, but in the end he needs the Government to get involved and turbo charge this at a national level. That is why we are looking at setting up a network of local banks like this which have the core of their mission to serve and grow the local economy rather than just for profit and serving the shareholders. The beauty of the Bank of Dave is we’ve got people coming here who have been rejected by the high street banks. The kind of relationship Dave has with the businesses - he knows them, he walks past them, he actually goes and visits the businesses and he understands their business models and can see whether they are successful or not”. Further support has been expressed by the Banking in Britain All Party Parliamentary Group chairman Steve Baker, who is quoted as saying “It is towards this model that the world should move.”