Bank’s buzzword to help co-ops
THE Co-operative Bank is pumping £400,000-worth of support into start-up and existing co-op businesses this year to help them through the pandemic, writes Maisha Frost.
One-to-one financial and management advice, workshops, training and mentoring are part of the package being delivered by The Hive, a support scheme developed by Co-operatives UK with the bank. Since 2016, the bank has put £1.7million into the scheme, helping more than 1,000 co-operatives and groups.
“We remain committed to supporting the sector when UK businesses face unprecedented challenges,” said Co-op Bank chief executive Nick Slape.
The Hive helped bakery Leeds Bread Co-op when sales fell during lockdown and it paused trading to reshape its operation.
“Its support was a lifeline,” said member-director Lizzie Fellows.