PHOTO: Dave Fishwick. SUPPLIED
Originating from the northern England town of Burnley, Fishwick initially operated a minibus business. However, observing the struggles of local businesses during the 2007 financial crisis, Fishwick, disillusioned with big banks’ reluctance to extend loans, took matters into his own hands. Investing over £1,000,000 of his personal funds into various local enterprises, from florists to buskers, Fishwick not only provided financial aid but also donated profits to charity.
In 2011, Fishwick formalized his efforts by applying for a banking license, despite the rarity of such approvals historically. Inspired by the success of his micro-loans to Burnley businesses, Fishwick aimed to expand his initiative into a community-run bank, prioritizing community welfare over profit-driven motives.
Growing up in a financially challenged household, Fishwick’s journey resonated with his humble beginnings. Transitioning from a builder’s laborer to establishing the first new high street bank in 150 years in Britain, Fishwick’s life took a surreal turn with Hollywood producing a film about his endeavors and even planning a sequel.
With a vision to provide competitive interest rates to savers, including hardworking pensioners, and to offer accessible loans to those rejected by mainstream banks, Fishwick’s bank, Burnley Savings and Loans, defied skeptics. Over 13 years of operation, the bank has disbursed over £34 million to thousands of individuals and businesses, with profits supporting local charities, including initiatives combating childhood hunger.
Despite facing skepticism and opposition from established financial institutions, Fishwick remained resolute in his mission to challenge the status quo. He criticized the banking system’s prioritization of profit over societal welfare, advocating for a paradigm shift where banks are held accountable for their actions, much like individuals who commit criminal acts.