Burnley-based lending scheme set to roll out nationally
BANKING revolutionary Dave Fishwick has dropped the strongest hint yet that he is ready to roll out his ‘Bank of Dave’ community lending scheme across the country.
Mr Fishwick, who runs Burnley Savings and Loans in Keirby Walk, shot to fame thanks to a television series based on his battle to change banking culture.
Speaking at a business finance event hosted by JMW Solicitors, he said rolling out his model nationally could to give Barclay’s a run for its money.
Mr Fishwick, a self-made millionaire thanks to his Colne-based minibus firm, said he was determined to expand in partnership with other like-minded individuals.
He said: “We’re ferociously protective over someone starting what we’ve got without the right morals and ethics.
“There are 1,000 large towns and cities in the UK. If you have a community bank run by the community to benefit the community in each one of these towns, lending to 1,000 businesses like we are, that would be 1,000 times 1,000 and the country would be fixed. “But we don’t want people with the wrong morals running these banks.
“We will make sure it’s 100 per cent safe and secure and then we’ll look to open in other areas. When we get a full blown licence we will then look to expand it across the country.”
Burnley Savings and Loans offers a five per cent return to depositors and lends to small businesses in the town that have struggled to obtain credit, with a percentage of profits donated to charity.
Mr Fishwick said: “I truly believe the only way forward is to open more branches and maybe give Barclays a run for their money.
“There’s a need for short term lending but not at 5,500%. We’ve looked at an alternative and had a go at it.”
Chris Moss, head of corporate finance at JMW, who was speaking at the same event, said: “I can see this growing and becoming a national movement. I think it can become really huge.”
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