BurnleySavings and Loans Limited is an independent lending company based in Burnley, United Kingdom founded by David Fishwick, a successful local businessman, in September 2011. BSAL offers a range of business and personal loans and commercial hire purchase loans. 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. The scheme gained media attention after Fishwick's early efforts were captured in a series for Channel 4 in 2012, including his call for parliament to reform the banking system. In 2017, BSAL applied to become a UK regulated bank, 'The Bank of Dave', offering an expanded range of products to an expanded audience.
History
During the financial crisis, Fishwick felt that the current banking system needed change as he felt that traditional high street banks weren't lending enough money to people or small businesses. 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. In response to this, he 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. After six months of trading BSAL had returned a profit, and passed it on to various charities including local food banks and community centres. In 2017, BSAL applied 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.
Media coverage
BSAL has received much media attention 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. 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. 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.
Lobbying
After the first series aired in 2012, Fishwick has continued to lobby parliament to reform the UK's banking system, which has received support from former Shadow Business SecretaryChuka Umunna MP, who supported the idea of a bank looking to "serve and grow the local economy rather than just for profit and serving the shareholders". Steve Baker MP, former member of the Treasury Committee, has said, "It is towards this model that the world should move."
