Originally written by Timothy Adler on Small Business
EXCLUSIVE: The Co-operative Bank plans to expand its Co-op small business banking offer over the next year following its £15m grant funded by RBS.
Last month, the Co-op announced that increased its lending to small business customers for the first time in six years as it seeks to cast off its past problems.
The bank is matching the £15m Banking Competition Remedies grant with £17m of its own money.
See also: Nationwide wins £50m prize to help boost small business banking
The bank is the UK’s seventh biggest provider of loans to small businesses but put the brakes on lending in 2013 after discovering a £1.5bn hole in its finances that threatened its survival.
Donald Kerr, managing director of SME banking, told Small Business that the bank will:
Put a small-business focused relationship manager back into branches
Introduce same-day business bank account opening next year
Modernise its online banking platform, making it much easier for SMEs to integrate online accounting packages
Launch a mobile app for business customers next year
Introduce its own-brand accountancy package in partnership with a Manchester-based fintech
Offer a three-month cash flow facility based on transaction history
This is in addition to offering 30 months’ free banking to new customers in