Burnley Savings and Loans

Burnley Savings and Loans (BSAL)
Industry Financial Services
Founded September 2011 (2011-09)
Founder David Fishwick
Headquarters Burnley, England
Area served
 Lancashire
Products Business and Personal Loans
Owner David Fishwick
Number of employees
 10+[1]
Website burnleysavingsandloans.co.uk

Burnley Savings and Loans Limited (BSAL) is an independent lending company based in Burnley, United Kingdom founded by David (Dave) Fishwick, a successful local businessman, in September 2011.[1]

BSAL offers a range of business and personal loans and commercial hire purchase loans, and prides itself on a personal approach to lending, building a relationship between its staff and customers. It does not solely rely on the use of automated credit scoring to evaluate potential customers, but instead uses a common sense approach to underwriting applications.[1][2]

Using the strapline “Bank on Dave!”, after its founder, the scheme has gained media attention after the television series of the same name screened on Channel 4 in 2012, with Dave bringing his campaign for community banking to the fore, encouraging parliament to reform the banking system. Currently BSAL is applying to become a UK regulated bank, “The Bank of Dave”, offering an expanded range of products to an expanded audience.[1][3]

Background

After the recession began in 2008, Dave felt that the current banking system needed change; he felt that traditional high street banks weren't lending enough money to people or small businesses, which he saw as the backbone of the local economy. 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][4]

In response to this, Dave 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][5]

Dave also pledged that BSAL would support the local community. 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][4]

BSAL is currently applying to become a UK regulated bank to be known as “The Bank of Dave”. Progress on the application is underway, procuring systems and technology and finding new premises in preparation for a planned opening in 2018.[3]

Press and Media Coverage

BSAL has been in the media spotlight 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.[6][7] 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.[8][9][10] 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.

After the first series aired, Dave, on behalf of BSAL, 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.

The former Shadow Business Secretary Chuka Umunna MP 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”.[5]

Further support has been expressed by Steve Baker MP former member of the Treasury Committee, who is quoted as saying “It is towards this model that the world should move.”[11]

References

  1. 1 2 3 4 5 6 "BSAL Website, About Us". Burnley Savings and Loans. Retrieved 30 October 2017.
  2. 1 2 Boyce, Lee (31 May 2014). "We go on the road with the Bank of Dave". This is money.co.uk. Retrieved 30 October 2017.
  3. 1 2 Boyce, Lee (17 March 2017). "Bank of Dave..." This is money.co.uk. Retrieved 30 October 2017.
  4. 1 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.
  5. 1 2 Kenyon, Ben (24 May 2013). "Leading MP Backs Burnley's Bank of Dave for Britain". Clitheroe Advertiser and Times. Retrieved 31 October 2017.
  6. ↑ "Factual Entertainment and Features, Programme Information: Bank Of Dave". Channel 4. Retrieved 31 October 2017.
  7. ↑ 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.
  8. ↑ "British Academy Scotland Awards: Winners in 2013". BAFTA Scotland. 17 November 2013. Retrieved 30 October 2017.
  9. ↑ Lucy Mangan (1 March 2013). "Bank of Dave: Fighting the Fat Cats; The Wedding Shop – TV review". The Guardian. Retrieved 31 October 2017.
  10. ↑ 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.
  11. ↑ "Dave Fishwick creates banking history in Burnley". Burnley Express. 30 July 2013. Retrieved 31 October 2017.
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