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.
With the current economic landscape becoming increasingly more challenging for businesses it can be hard to budget accurately, we've therefore created a handy budgeting tool to help you manage your cashflow. You can look at both your businesses finances to support you in running your business effectively and your personal expenditure to help you manage and control your cash.
Please note: This is an excel document however it can be opened using multiple software types. The budgeting tool is not designed to provide financial advice for your business.
If you are worried about Coronavirus and the impact it may have had on your business, there is financial help available.
If you already have a BBLS loan with us, the Government 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
We collaborated with Greater Manchester Chamber of Commerce, The Federation of Small Businesses, Go Get Paid and Zellar to host a free financial support webinar for businesses in March 2023.
If you need further guidance and support, there are also other charities and organisations that can offer help and support.
We’ve partnered with Citizen’s Advice to make sure people can get support when they need it most. Citizen’s Advice can help you if you’re experiencing financial and debt-related problems.
They will never tell us what you have discussed, unless you want them to. It is a free and confidential service to support you when you need it most.
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.
MoneyHelper 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.
You can visit the UK Government website for more information about Coronavirus support for businesses.
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