Saturday, June 29, 2013

Bank on Dave - Change The System

A businessman in Birmingham proclaims himself a financial institution in a campaign to spearhead changes to the system. You're going to love this guy!

From Wikipedia:

Burnley Savings and Loans Limited trading under the slogan "Bank on Dave!" is an independent lending scheme based in Burnley, the 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 three. 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 but does visit every person or small business applying for the loan to see if it is needed, instead of doing it all on the paperwork. In July 2012 it was reported that two percent of loans were in arrears.

There was trouble persuading the Financial Services Authority to grant Fishwick a banking license and name it an actual bank. An e-petition to the UK Government appealing the failure to obtain a banking license was unsuccessful. 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 £25,000 a week 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.


"Yes lets all "Bank on Dave"


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