David Fishwick, self-made millionaire and owner of the biggest minibus firm in the UK in Colne is set to open his own ‘Bank of Dave’ in Burnley to support local businesses.
The set-up of the bank will be filmed by Channel 4 for an observational series called Bank of Dave which will follow the entrepreneur as he tries to get the venture into profit in 180 days. Dave has rented premises in Burnley town centre and is due to open for business in late September or October. The three-part TV show is set to air next spring and a book deal on the venture is in negotiation.
The driving idea behind the venture is to give loans to businesses struggling to get help from the High Street banks.
David, 40, said: “There are businesses and individuals out there who are hardworking and honest but through no fault of their own, they can no longer get loans. They are being ignored and let down by the banks, while bankers still pay themselves enormous salaries and bonuses. My bank may be tiny but it will be better than a high street bank. I want to show how banking can be socially responsible and not greedy and reckless and I’m going to do what the high street banks just can’t bring themselves to do, give away any profits to charity.”
The venture will see him guarantee and underwrite all the banking activity from his personal fortune.
He added that the that the idea for the venture came during the economic crisis of 2008/09 when banks were reluctant to give loans to his customers to buy minibuses, so he decided to lend the money himself.