The Co-operative Bank business loans

Tide Start-up Loan

• £500 to £100,000
• 12 to 60 months
• Cashflow forecasting through Tide Connect

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Co-operative business loans overview

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?

1. 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.
2. 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.
3. 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.

Frequently asked questions

• Will The Co-operative Bank perform a credit search?

  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.

• How quickly will my loan be funded?

  Once you have received a decision, you can expect the money to be funded within a few hours.

• Do I need to be an existing customer of The Co-operative Bank to be considered for a loan?

  Yes, you must already hold a business current account.

• Are there additional fees?

  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.