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Howard Lake
Editor
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Co-operative Bank fund support to further fair and ethical business

23 Mar

The Co-operative Bank is granting a further £400,000 to the Business Support for Co-operatives scheme.

The scheme delivers tailored business support and mentoring for start-ups and existing co-operatives, as well as supporting businesses looking to convert to worker or community ownership. The programme also offers:

• webinars to attract new audiences to the idea of starting a co-operative;

• free online resources and digital tools,

• including subsidised registration, for start-ups;

• and an after-care packages including access to free business banking from The Co-operative Bank.

The Co-operative Bank has now invested £2.5 million in the scheme since 2016, giving more businesses access to the support they need to start or grow.

Co-operatives are businesses and organisations owned and controlled by their members and operating under a shared set of values and principles.

There are around 7,200 of them in the UK, employing nearly 250,000 people, with a combined annual turnover of more than £40 billion.

Commenting on the announcement, Rose Marley, Chief Executive Officer of Co-operatives UK, said:

“We are seeing increased demand from people looking to start and use fairer businesses. Co-operatives are a better way to do business and transform people’s lives every day. By acting collectively to we can create fairer and ethical ways to trade, consume and live.

“Our partnership with The Co-operative Bank is about the opportunities democratically owned and run businesses offer people, communities and the UK economy – as well as business support. We want more people to understand the power of co-operation.”

The latest funding for The Business Support for Co-ops scheme will offer support at earlier stages to encourage more exploration of this route as an option for business start-ups. It will also target hard-to-reach demographics to inspire them to consider co-operatives as a way of having a say in where they work, live and consume.

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