Thank you for reaching out again. Responding to each of your points in turn:
There is very stringent process when applying to becoming an accredited BBL lender, and the first step had to be gaining our accreditation. We were then able to enter negotiations to source funding. As my colleague has said, £50M is a significant amount of money for a business of our size, but we’re working hard to gain more funding. We are actively lending at the moment and anticipate being able to secure hundreds of millions more to support our members.
We understand there has been some confusion over our waiting list system and sincerely apologise for this. Our waiting list works like a queue, and the number you are when you enter the queue will not change. Our automated tracker will allow you to see your position against our progress, as we work through the queue. The only reason your number may change is when we remove ineligible businesses from the queue, or if other members leave. Other lenders have since employed this system, as working on a first come, first served basis is one of the fairest solutions when so many businesses are suffering financial difficulties.
The Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses. We believe it isn’t fair to discriminate against new customers so that’s why any small business owner can still apply for an account with us, and if they wish, register their interest in getting a Tide Bounce Back Loan. We contacted our members first, and 90% of the small businesses on our wait list are existing members.
Identifying ineligible people on our list is our top priority, and we’ve already begun contacting these small businesses, to allow them the opportunity to find an alternative lender.
We understand that the only solution you’re seeking is for your small business to be able to access a BBL. We are working incredibly hard to achieve this, and as soon as we have further updates we will communicate this across all our channels. I’m sorry that we can’t give any further answers right now.