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
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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? 48
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.
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?
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.
Jonathan Treacher BA, JD, MBA
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.
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…
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 15.
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/ 23