Burnley is set to become the first town in 120 years to have a UK-owned high street bank.
Colourful entrepreneur and television personality Dave Fishwick has announced that his Burnley Savings and Loans Limited also known as 'Bank on Dave!', is now going through the authorisation process to become a bank.
BSAL was established in 2011 by local millionaire businessman Dave Fishwick in the wake of the financial crash and the devastation it left across the North.
Having already lent nearly £20m. to over 3,000 qualifying borrowers across the UK, the company is now seeking to grow its reach by becoming an authorised UK bank, which will be called “Bank of Dave”.
Dave said: “The core vision for Bank of Dave is to be the ethical choice provider of loans and savings products to honest hard-working families, helping every generation to grow their business and to save for the future.
"We have had brilliant few years acting as a savings and loans provider, but the opportunity to become a fully authorised UK bank will expand our horizons even further, enabling us to help more people around the UK."
To achieve this, BSAL is launching a £2.5m. funding round on leading equity crowdfunding platform Seedrs to support the procurement of the IT systems needed in preparation for its bank license application.
Dave added: "We are delighted to be launching our first ever funding round on Seedrs, giving our hundreds of thousands of amazing supporters a chance to share in the first new UK-owned high street bank in over a century.”
Dave, who has become a familiar face on television in recent years with his documentaries taking on the so-called payday loan lenders, claims he wants to put the trust, ethics and best-practice back into banking, treating customers as individuals and valued clients. Creating a bank that is an institution from the community, for the community.
Chief executive James Bradley said: “We are going through the authorisation process to become a bank and are advancing towards our goal of becoming an authorised UK bank.
"We continue to witness a real market demand for financial providers that offer essential banking services to customers that traditionally found it difficult or have been unable to access affordable credit. We are confident that once fully authorised that the Bank of Dave will be the bank that delivers this capability.”