Bounce Back Loan


#1

SO What Tide is doin? about the BOUNCe BACK LOAN? it Seem we cannot get any support in difficult times like this aside from receiving emails from them asking me to upgrade my acount


#2

So frustrating also. Tide not approved and seems one cannot apply through ohter banks. Surely Tide could do a deal with another provider so they could link Tide accounts and we could apply through that other bank???


#3

Hi both,

I completely understand this is something urgent for you and your business.

We have written a dedicated blog post regarding this: When can I get a Bounce Back loan from Tide?

I’m sorry that I can’t confirm a timeline but hopefully the blog post will bring more clarity in regards to what Tide is doing to deliver Bounce Back loans, when we will become an accredited lender, as well as how our members can help Tide become an accredited lender.

Let me know if you have any other questions.

Thanks,
Valentine


#4

I already wrote to my PP (twice) and also direct to the British Business Bank -who effectivly told me to “piss off” as applications confidential. I plan to wrie to the Treasury today. What I do not understand is what an “application” by Tide to the BBB needs to involve. Tide is already regulated, the Bounce Bank Loans are fully guaranteed and all the “lenders” are doing is distributing funds, subject to normal checks on borrowers. What possible information could the BBB need in addition to what the FCA already has and asks for. Seems like a pointless bureaucratic exercise when SPEED is more important than anything else. I can apply via another bank, but would need to move my account. Tide at risk of losing clients. Have you thought of getting a law firm involved and threatening a deamage claim against BBB due to unnecessary delay?


#5

BELOW IS A COPY OF THE EMAIL I JUST SENT TO THE TREASURY. DOUBT IT WILL DO ANY GOOD, BUT IT IS JUST APALLING. I LOOKED THROUGH THE APPLICATION TO BE AN APPROVED LENDER ON THE BBB WEBSITE AND IT JUST SEEMS POINTLESS WHEN A BUSINESS IS ALREADY REGULATED. SHOUDL TAKE ONE DAY AT MOST TO REVIEW AND APPROVE AN APPLICATION

Dear Sir or Madam

I am a customer of Tide Bank and seek to apply for a Bounce Back Loan. That said, Tide advises rhey are not approved yet. And this despite putting in an application to the BBB over 5 weeks ago

While I can apply via another bank, they would want me to open another account (time consumig and they are backed up) and to move my business from Tide.

I am writing to complain, and strongly about the disadvantage I, and numerous otehr SME businesses, am suffering due to the failure of the BBB to reapidly appove Tide, and similar businesses, under the CBIL and BBl schemes.

The Chancellor has repeatedly stated that “time is of the essence” yet the BBB seems to have an incredibly bureaucratic process. No doubt akin to the quartermaster at Iswaldana (spel) in the Zulu wars who had a stockpile of bullets, which he refused to distribure without signed “chits”. And 1,500 men wiped out!

Someone seniour in the Treasury needs to give the BBB a real kicking. There is no excuse for this delay when SMEs in particular are depserate to access funding. Why a prejudice exists in favour of “dinosaur” High Street banks is a mystery and clearly there is not a level playing field. why it should take more than a few days for a business, that is already FCAQ regulated, to be approved by the BBB is criminal.

Thank you in advance for your consideration of this email.

Yours sincerely

Jonathan Treacher BA, JD, MBA


#6

Hi @Jtreacher,

Thank you very much for taking the time to reach out to them and for your support with this. We will be sure to update everyone as soon as we see movement on our accreditation.

Thanks,
Valentine


#7

Luckily i have Personal account with HSBC. they are allowing applicants with hsbc personal account even if you don’t have business account with them. they even offer me a business account. hell yeah.,

TIDE will sure lose customer big time.


#8

HSBC is offering a BOUNCE BACK LOAN FEEDER ACCOUNT even if you don’t bank with them
https://www.cbil.business.hsbc.co.uk/bbls/6791eb14-173e-4010-86b6-a8fcb1eeeeda.

Good Luck


#9

Not sure re HSBC. I also have a Personal Account with HSBC, but the boxes to tick are that business NEW (between 2019 and 2020) or that the Personal Acct used for business. My business fits into neither czategory. I use Tide exclusively for business and HSBC for personal. Or am I missing something


#10

Can you try to exppain SPECIFICALLY what is holding up the accreditation? I assume you have sent over reams of information and how long does it take to read that and look it over? BBB has had a month plus. For me, there is more here than meets the eye. I really am trying to stay loyal to Tide, but it is getting tough…


#11

Hi
You select the last check box… it will ask you to call the number. They will get some details to open your FEEDER ACCOUNT. easy

Forget TIDE they will bever get it. first off all PREPAY TECHNOLOGY has bad reputation .

cheers


#12

Morning everyone - I don’t wish to leave Tide. For now, I have called HSBC and requested access to a feeder account. This appears to be an account that gets set up and then closed immediately once funds have been transferred. I’ll update here if there’s any success. Thank you parot!


#13

Hi all,

I am afraid we have had very little clarity from the British Business Bank about the timeline for our accreditation. As soon as we’re accredited, we’ll announce this to all members by email and to our dedicated coronavirus mailing group.

If you’re not already in the group, you can join here.

Thanks,
Valentine


#14

Whats the latest with becoming accredited please ?


#15

Hi all,

If you are not already on our mailing lists, we’ve created a dedicated one that you can join and we’ll let you know when you can access Bounce Back loans from us.

You can sign up and find more information about the Bounce Back loans here: https://www.tide.co/bounce-back-loans/

Thanks,
Valentine


#16

DavidMc - how did you get one with HSBC please ?


#17

Hi i received this email from my local MP
I asked if he could help get tide accredited for the bounce back scheme.
Dear Mr Schofield,

Thank you for your email.

I’ll make sure Robert makes representations on this today.

Kind regards,

Devon

Office of Rt Hon Robert Goodwill MP


#18

Nothing as yet - I applied with them on the telephone, but haven’t yet had a call back. I’ll update here if I hear anything. I’ll also need to call them again on that number and ask what the situation is. D


#19

2 New banks added but still no word on Tide


#20

Yes. Good queston. We are all waiting to apply through Tide but get no updates as to timing? Is Tide completely in the dark or can they give some real information. A lot of us are desperate for funding and timing a real issue