I wanted to address your concerns and confirm that the waiting list works like a queue: everyone who registers is listed in the order you signed up.
We made the decision to apply to become an accredited lender because we are passionate about helping the SME community and wanted to help lend these much needed funds to members who may not have been able to source this loan elsewhere.
I understand there’s frustrations around timelines and thats you’d like us to confirm when we’ll get further funding. We share updates with our members when we have meaningful news, and at the moment, while we raise funding, our position has not changed. We hope you can understand that funding agreements of this magnitude take time - as soon as we have an update we will share this with our members.
In regards to your position on the waiting list, we’ve been letting people know their place on the list, however this was a manual short-term solution and many members have been asking for daily updates which is causing delays in our response times and leaving members frustrated that we’re not going as fast as they’d like.
Our waiting list tracker is launching very soon, so you’ll be able to easily review your status.
I also wanted to reply to the question about closing down the waiting list. The Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses so we believe it isn’t fair to discriminate against new customers. 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.
That said, almost 90% of the businesses on our waiting list are existing rather than new members.
Thanks for your patience,