53. Founding a bank, fighting for financial justice, and tackling loan sharks - Dave Fishwick
Apr 28, 2024
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Dave Fishwick, the businessman behind 'The Bank of Dave,' talks about founding a bank to tackle financial injustices, ethical lending practices, and the challenges of community-centered banking. He shares stories of assisting individuals with poor credit histories and the growing threat of loan sharks in communities.
Dave Fishwick champions ethical lending practices and community banking models.
Dave Fishwick fights against exploitative loan practices and advocates for financial inclusivity.
Deep dives
Dave Starts His Own Bank to Support Local Community
Dave Fishwick founded Burnley Savings and Loans in 2011 to offer peer-to-peer lending for small businesses and individuals with poor credit histories. Despite no financial background, he has given over £30 million in loans, donating all interest profits to charity. One of his inspiring stories includes helping a woman restart her dog biscuit business after a tragedy.
Challenges in Obtaining Banking License and Peer-to-Peer Lending Regulations
Dave faced obstacles in obtaining a banking license, with regulatory changes requiring him to shift from a peer-to-peer lending to a community banking model. These changes aimed to place lending risk on borrowers rather than lenders. However, Dave remains committed to supporting his local community and advocating for ethical financial practices.
Community Banking Approach and Overcoming Traditional Banking Barriers
Dave envisions expanding his community banking model nationwide by leveraging the support of successful entrepreneurs. He highlights the closure of community banks leading to the rise of loan sharks and emphasizes the importance of addressing financial challenges faced by underserved communities. His commitment to social responsibility sets a transformative standard in traditional banking practices.
Addressing Societal Financial Issues Through Advocacy and Social Impact
Dave's efforts extend beyond financial lending to actively fighting against exploitative loan practices like those of loan sharks. By shedding light on the detrimental impact of traditional banking system failures, he emphasizes the urgent need for community-oriented financial solutions. Through his initiatives, Dave strives to create sustainable social impact and foster financial inclusivity.
What are the obstacles in creating a new bank? Has banking become unethical? Should bankers' bonuses be capped? Join Steph and Robert as they interview Dave Fishwick, the businessman behind 'The Bank of Dave.'