Banks and social enterprise
Monday, July 22, 2013
Last week, the Cooperative Bank launched the Social Enterprise Directplus account. It’s specifically for community interest companies (CICs) set up with social or environmental value as their primary goal and offers a number of free banking facilities.
The Cooperative Bank said Social Enterprise UK’s State of the Sector report 2013 showed how social enterprises were finding their space in the economy, with more experiencing an increase in turnover compared to mainstream SMEs and more seeking finance in the past 12 months.
“The account has been created directly in response to demand for a product which recognises the unique challenges and needs of the social enterprise sector,” said the spokeswoman.
“In the survey, social enterprises said they felt undervalued and a lack of recognition for their contribution to the community, which is why The Co-operative Bank has tailored an account specifically towards the needs of social enterprises, to recognise their value and offer a product designed to suit their needs.
“While social enterprises could access some similar services on other accounts we previously offered, we’ve launched a dedicated account which combines some of the free banking offer in combination with a dedicated unit that has been specifically trained in how social enterprises work,” she explained.