The Co-operative Bank - Business Loans For SMEs - Fleximize

The Co-operative Bank Business Loans

If you're considering applying for a Co-operative Bank business loan, we've put together a quick guide to their key products

By The Fleximize Team

If you're looking for financial support or business loans, The Co-operative Bank offers a selection of finance products to small businesses. Below, we talk you through their business loans, overdrafts and credit cards.

The Co-operative Bank Business Loans

The Co-operative Bank offers a variable rate business loan of between £25,020 and £250,000 over a repayment period of 1-15 years. Interest is charged on a monthly basis and you'll also have to pay a 1% arrangement fee on the loan.

You can also opt for flexible repayment terms with this loan, and these loans are generally offered on a secured basis so you may need to provide assets as collateral against the loan. You'll also need to hold a business current account with The Co-operative Bank.

The Co-operative Bank Business Overdraft

If you hold a Co-operative Bank business account, you could have an arranged overdraft of up to £250. Interest rates on these overdrafts are variable, and you may also need to offer a form of security in order to take out a business overdraft, which will incur additional fees. In addition, you'll also have to pay a 1.5% overdraft arrangement fee.

The Co-operative Business Charge Card

You'll need to hold a business current account with The Co-operative Bank in order to apply for a business charge card. If successful, you can enjoy an interest-free period of up to 48 days as long as the full outstanding balance is paid monthly via direct debit. There is a nominal monthly fee of £2 per card, and you can have multiple cardholders.

Alternative business finance

If you're looking into top tier lenders for your business loan, it's well worth doing some research into the alternative finance products available. Generally speaking, alternative finance providers are able to deposit funds faster than traditional banks, and also offer more flexible terms.

Many tailor their products specifically to the needs of small businesses, with no early repayment fees and capital repayment holidays. As such, it's worth considering if an alternative business loan could better suit your business and its specific needs.

To get you started, take a look at this guide to alternative finance to help you understand what products are currently available to UK SMEs. Or, if you've already done your research and you're ready to apply for a small business loan, you can do so by clicking the button below.

Get started: Apply now