Coronavirus support for businesses
If you are concerned about coronavirus and the impact it is having on your business we’re here to help. From explaining the various government lending schemes that may be available to you and how to apply, to tips and techniques to protect your business from being a victim of fraud, plus lots more support and tips to help you.
Help and support articles
To support our customers during these difficult times we have created some business support articles in order to provide some guidance and information on what the bank is doing, what the government is doing and what you can do to make life easier during the Coronavirus.
- Financial support for SME customers
- Managing your business banking from home
- Learn how to grow your business with our free webinar
- Tips on how to protect your business from fraud with our free webinar
Get advice as a business, employer or employee
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses at this time. You can find the most up to date information on all support options available on the UK Government’s website:
Government guidance and support for businesses
If you need support paying the wages of staff who have been furloughed due to coronavirus, you may be able to claim through the Government’s Coronavirus Job Retention Scheme.
There is support available for those who are self-employed and have lost income as a result of the coronavirus crisis. Find out more about the Government’s Self-Employment Income Support Scheme and what it means for you.
The Government and Federation of Small Businesses continue to publish up to date guidance and articles to support businesses, employers and employees.
These articles contain information about:
- the novel coronavirus, COVID-19
- how to help prevent spread of respiratory infections including coronavirus
- what to do if someone with suspected or confirmed coronavirus has been in the workplace
- what advice to give to individuals who have travelled to specific areas
- advice for the certification of absence from work resulting from coronavirus
FSB advice about coronavirus for small businesses and FSB customers
Government advice about coronavirus for employees, employers and businesses
Support tools
The Government has launched a new coronavirus business support finder tool – to help businesses and self-employed people quickly and easily determine what financial support is available to them. The tool asks business owners to fill out a simple questionnaire, which only takes minutes to complete. It will then provide a list of all the financial support they may be eligible for.
The new business support finder tool can be found at https://www.gov.uk/business-coronavirus-support-finder.
Financial support for business
Government backed lending schemes
We’re now able to access government backed lending facilities, designed to support UK businesses that are losing revenue and seeing their cash flow disrupted as a result of the Coronavirus outbreak.
- We’re currently only accepting BBLS applications from customers who have a personal or business current account with us which was opened on or before 6th July 2020. If The Co-operative Bank does not already provide your main business or personal current account, please speak to your main bank or visit the British Business Bank for a list of accredited lending providers. We’re not currently able to process any BBLS applications if you do not have a current account with us.
- If you’re a personal current account customer and want to open a business current account to apply for BBLS then you’ll be our key priority.
- We’re currently working closely with The British Business Bank following the Chancellor’s recent announcements providing further support for businesses. The deadline for applications for a Bounce Back Loan or lending under the Coronavirus Business Interruption Loan Scheme has now changed to the 30th November 2020. We’ll provide more information about what the changes mean for your business on this webpage soon.
Bounce Back Loan Scheme
- Borrow from £2,000 up to 25% of your annual turnover (max £50,000)
- A Bounce Back Loan is for 6 years and the interest rate is fixed at 2.5%
- No repayments for the first 12 months
- The government guarantees 100% of the loan.
The Bounce Back Loan Scheme (BBLS) is a new government scheme introduced that can provide the lender with a government-backed, full guarantee (100%) against the outstanding guarantee facility balance (both principal and interest).
Lending facilities are subject to status and eligibility. T&Cs apply.
Coronavirus Business Interruption Loan Scheme
- Borrow from £50,001 to £5 million
- Apply for a variable rate loan, or overdraft facility
- No interest payable for the first 12 months
- The government guarantees 80% of the lending.
The Coronavirus Business Interruption Loan Scheme is a new government scheme introduced that can provide the lender with a government-backed, partial guarantee (80%) against the outstanding guarantee facility balance (only principal).
Lending facilities are subject to status and eligibility. T&Cs apply.
Find out more and apply for a coronavirus business interruption loan
Coronavirus Large Business Interruption Loan Scheme
- Borrow from £50,000 to £50 million
- Lending is available from three months to three years
- The government guarantees 80% of the lending.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) is a new government backed scheme that provides finance to mid-sized and larger UK business with a group turnover of more than £45m (the upper limit for the existing smaller-business focussed CBILS).
Lending facilities are subject to status and eligibility. T&Cs apply.
Please email any queries you may have to: RM.Applications@co-operativebank.co.uk
Other lending options
There are lending products available from us such as overdrafts, loans or charge cards. We can look at temporary increases or requests to pause or reduce current payment obligations, and will take a flexible approach, based on your individual circumstances.
Accessing your account
During this period our phone lines are receiving a high number of calls and wait times can longer than usual, we advise customers to use their online banking during this time so you're still able to access your account as normal.
Within online banking you can:
- Check your balances
- View your statement information
- Make payments to another person or company
- Transfer money between your Co-operative Bank business accounts
If you aren't yet registered for online banking you can easily do this by completing our registration form to be emailed in.
Staying safe online
Keeping your information secure and confidential is crucial to us. Find out how we keep your money safe and what you can do to protect yourself when banking online.
Fraud awareness
Keeping your money safe is one of our top priorities. Opportunistic fraudsters are using the coronavirus outbreak to scam businesses out of banking details and business information.
We will continue to raise awareness of common fraud scams and threats, and are committed to working with the wider industry on initiatives such as Take Five.
Contacting the bank
Due to the impacts of coronavirus on our colleagues, we have taken the decision to reduce our contact centre opening hours to 8am – 6pm Monday to Friday. We will be closed on Saturdays.
Please be aware, we are currently dealing with unprecedented levels of calls. Help us to protect our services and support our most vulnerable customers by only contacting us if it is urgent.
You can continue to manage your money from home using online banking. Getting started is easy and you can find more information below.
Registering for online banking
Visiting our branches
Our branches will stay open wherever possible during this challenging time. However, opening hours may vary. If there are any changes to our branch opening hours, they will be updated on our branch locator page.
We have robust measures in place to ensure the continued safety and wellbeing of branch colleagues, including social distancing using security screens, enhanced cleaning standards and telephone appointments. In order to further protect our colleagues, customers and communities, we would ask that you only visit a branch if absolutely necessary. Please adhere to Government advice and stay at home where possible.
Remember, online banking is available for your daily banking needs.
Contact us
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