A direct lender founded more than 145 years ago, The Co-operative Bank is often associated with an ethical and community-focused approach to banking. It can offer businesses a variable-rate loan, charge card or overdraft facility.
Key features of Co-op Bank business loans
Borrow £25,000 to £250,000.
Repay over 1 to 15 years.
Variable interest rates.
Arrangement fee (a percentage of your loan amount).
Security against an asset or assets is usually required and incurs an additional fee.
Not available for residential property development or investment, pension funds, or to businesses based outside of the UK.
Decisions usually within 7 working days.
Am I eligible?
You should only apply for a variable-rate business loan if you’re certain you can meet the repayment terms. You and any other key parties must also:
Be 18 years or over.
Be a UK resident.
Be an account signatory with authority to borrow on behalf of the business.
Hold a business current account with The Co-operative Bank.
Require the lending for business use.
The interest rate you are offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and its credit rating. This may differ from the advertised “Representative APR”.
How can I apply?
Download the application form for your chosen finance option from The Co-operative Bank website. If you’re unsure which loan option is right for your business, you can call to speak to a personal adviser who will help you decide.
The form will ask for detailed information about you and any other key parties, as well as your business. Make sure you have signed the declaration before submitting your application.
You can expect to receive a decision from The Co-operative Bank within 5-7 working days, depending on the credit option you have chosen.
Get tailored loan quotes
Save time by checking eligibility with multiple lenders and get quotes for BBLS/CBILS and other loans.
Yes, like all responsible lenders, The Co-operative Bank will perform a credit search on you, any other key parties and your business. This will leave a permanent footprint that other future lenders will be able to see.
Once you have received a decision, you can expect the money to be funded within a few hours.
Yes, you must already hold a business current account.
Yes, The Co-operative Bank does charge extra fees in a variety of circumstances. These include fees for asset security, administration and late payments. Always check which fees would apply to your loan before you agree to take it out.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Business loan statisticsBusinesses all over the UK face financial instability daily, which often requires outside funding. We have looked into how the state of borrowing for these businesses differs between the industry, over the years, and for the size of the business.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.