Co-op Bank announces £1m partnership with Co-operatives UK

Manchester-headquartered Co-operative Bank has announced a new £1m partnership with the Co-operatives UK network to develop and support the co-operative and social enterprise sector.

Set to launch in 2016, the new three-year programme will attempt to bolster the co-operative economy, which the Co-operative Bank has said is worth around £37bn to the wider British economy.

The initiative will offer online business advice, one-to-one support, group training and peer mentoring to the 6,796 co-operative enterprises across the UK, as well as to community businesses just starting up.

The Co-operative Bank’s chief executive, Niall Booker, said: “Co-operatives and community businesses have an important role to play in the UK economy and society as a whole, and it is important that the growth and development of the sector is supported.

“The value of co-operative and member-owned businesses to the British economy has increased by 15% over the last five years and we want to play an important role in supporting growth for the future.”

In January 2015, the Co-operative Bank committed to supporting the co-operatives sector after more than 74k of its customers said they believe it is important to do so.

Co-operatives UK’s secretary general, Ed Mayo, said: “With everything from football clubs to farmer controlled businesses, the co-operative sector is diverse and thriving. This partnership promises to give it a further boost.

“Whether it’s supporting communities to gain control of vital local assets like pubs or historic buildings, or helping existing co-operatives create more jobs, the new programme will provide welcome support for businesses up and down the country that are giving people control over things that matter to them.

He added: “With a new Co-operatives Act last year, the rise of ‘community shares’ crowdfunding and now this support programme backed by The Co-operative Bank, there has never been a better time to start or grow a co-operative.”

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