We understand that businesses sometimes face financial problems that call for extra support. If you are worried about your business, we want to help.
Get in touch as soon as you can if you think your business needs extra support.
We’re here to help you and your business get back to financial health and long term success.
It’s important that you contact us as soon as you identify a problem that may be impacting your business. Discussing these problems early could stop them becoming more serious issues in the future.
We can help assess your business’ specific circumstances and explore the different options available to you.
If your business is struggling to meet financial obligations, like payments to suppliers, landlords, employees or the Bank, you might already be in financial difficulty. It can happen for lots of reasons, including reduced turnover and delays in invoices being paid.
Early warning signs include:
As an ethical bank, we want to help you manage your money as best you can. We have specialist teams at the Bank to ensure you reach the right team for help and support. Find out more below.
If you are worried about Coronavirus and the impact it is having on your business, there is financial help available.
If you already have a BBLS loan with, us the Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan.
Get in touch with a specialist. Our Relationship Managers and Business Banking specialists understand your business and can provide support for your specific circumstances by exploring different options with you.
If you already have a Relationship Manager and need support, please contact them in the first instance.
If you do not have a Relationship Manager, you can also access support by phone or email from our dedicated Business Support Team, who are experienced in supporting customers in financial difficulty.
You can reach the Business Support Team by emailing SupportingSMEs@co-operativebank.co.uk
The Bank partnered with key North West business experts to host a free financial support webinar on 30 March. The webinar covered a wide range of issues, from key business trends to how to manage cash flow during the pandemic and ways to access financial support.
If you need further guidance and support, there are also other charities and organisations that can offer help and support.
Business Debtline gives free and independent debt advice over the phone and online.
The Federation of Small Businesses is a not-for-profit organisation offering financial expertise and advice to its membership of small businesses and the self-employed.
The Money Advice Service offers free and impartial money advice, including debt support, via a range of channels including telephone, web consultation and WhatsApp.
StepChange is a UK charity which offers free debt advice based on an assessment of your situation, as well as practical help and support.
Citizens Advice offers free and impartial advice for people experiencing financial and debt-related problems.
You can visit the UK Government website for more information about Coronavirus support for businesses.
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.
Running out of cash is the leading cause of business failure in the UK.
Cashflow forecasts can be really useful. It is vital to know your day-to-day costs like salaries, rent and suppliers, but it is also really important to understand the revenue impacts of taking on new business or delayed payments.
All businesses experience highs and lows when it comes to trading, but significant cashflow problems include:
Here are some considerations that could help to provide short-term relief during times of cash pressure. Clearly, you know your business best and you need to weigh up and decide on what would be best with your business strategy in mind
Calls to 0800 and 0808 numbers are free from landlines and mobiles. Calls to 03 numbers cost the same as calls to numbers starting with 01 and 02. Calls to 0845 and 0870 numbers cost 3p per minute, plus your phone company's access charge. Calls to 0844 and 0843 numbers cost 7p per minute, plus your phone company's access charge. Charges for calls made outside of the UK will be determined by your local provider.
Calls may be monitored or recorded for security and training purposes.