Co-op has secured a £350 million lending agreement to fund its sustainability and social impact goals.

The convenience retailer is set to receive financial support from six banks, including HSBC UK, Barclays, ING, Lloyds, NatWest and Rabobank, to achieve its goals.

According to Co-op stated the new funding agreement shows “strong market confidence in the group’s resilience and performance” and will be used to progress its commercial and social goals.

The agreement comes on the heels of a solid financial performance from the retailer, with Co-op seeing its pre-tax profit rise to £161m. It also saw its membership grow by 22% to 6.2 million.

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Co-op chief financial officer Rachel Izzard said: “This funding arrangement is a powerful endorsement of strength – the renewed financial strength of our Co-op, the strength of our mutual model and the strength of the shared voice of our members.

“I’m proud to be building on our existing strong relationships with our banking partners, as well as partnering with new lenders, such as HSBC UK and a fellow co-operative in Rabobank, for the first time.

“By weaving our social value commitments into our funding strategies, we’re able to invest in our Co-op while holding ourselves accountable to our members and their priorities.”

Co-op recently recovered from a cyberattack which happened earlier this year and has returned to full operations.

It also launched a discount for its existing and new members as a thank you initiative for their support after disruptions.