In a land
far away from NoT, there lives a little man called Dave. Today, he has been all
over the airwaves, talking about the second part of a documentary, showing as I
type on Channel 4. Dave, in my most humble opinion, is a genius. Let me tell
you why….
Last July,
Dave featured in a two-part documentary. Having made a fortune from his own
business, selling minibuses, Dave decided that he wanted to put something back
into his community. His community is in Burnley. Which is, it has to be said,
hardly the banking and investment capital of the UK. Or it wasn’t.
For Dave
had a dream, and the guts, determination and sheer bloody-mindedness to carry
it out. He could not believe what was happening to the UK’s banking system, and
he believed that he could set up a community bank. So he did.
Dave’s bank
has a two-year waiting list of investors waiting to put money IN….
The FSA has
tried (unsuccessfully) to close down the Bank of Dave. His business model,
which relies simply on recruiting savers, using their money to make loans to
local businesses, paying the savers 5% interest and donating any surplus to
local charities, is apparently considered “risky”. Dave’s bank is not losing
money. On the contrary, it has donated over £20,000 in profits to charity since
its inception. Compare and contrast to today’s reported losses of over £5
BILLION by RBS.
This
evening, Dave’s story is featured in a follow-up programme on Channel 4. I
would quite like to marry him. He’s a
genius.
Read more
about him here:
There hasn’t
been a more heart-warming story from the banking world since…..No, no “since”.
There hasn’t. Ever.