Yes would think so wonder where justswede has got the credit check info about tide they deffo do a kyc and moneylaundering but have that info already i take it treacher just says your on the list on your banking app?
Just says I am on the list on my email. I am a strong supporter of Tide and really think this shoud be a chance to shine and show leadership in the SME space. Have a simple loan application, get money out within the day, be responsive. All so simple, one would think
Well probably a lot of work to do to get it out there unlike a lot of mainstream banks there funding will be limited hopefully will be eatly this week
Query, while their funding be limitied? I thought up to £350bn ovrall available and goal was to get it otut to businesseses ASAP? So banks just assess eligilibty, draw down the money from the Treasury and pay it out. And as long as a business is eligible, then they pay it out. And unlikely the money will run out. Or am I missing something?
They are g overnment are garanteeing it theydont get the money from government theyll be drawing it from the money markets as i understand it
We understand that this is an extremely difficult time for small business owners and that Bounce Back Loans are of paramount importance to you and your business. Please rest assured that the team is working tirelessly to deliver them to as many members as possible as fast as possible.
We will be sharing more information in the coming days but there are a few points that I wanted to address:
We have an initial limit on the amount of money we are able to lend as Bounce Back Loans from the British Business Bank. This means that we cannot lend to all members in need of support from the Bounce Back Loan Scheme at once. To deliver this funding quickly and efficiently we will take a phased approach to lending.
Once we have reached our initial limit on the amount we can lend through the Bounce Back Loan Scheme we will work with the British Business Bank to increase it. This is likely to cause a delay in lending.
For more information, you can see if you’re eligible for a Bounce Back Loan here.
In regards to timeline, the team are working hard with the British Business Bank to start delivering Bounce back Loans from this week and we will give more information as soon as we’re able to.
Thank you for your patience,
Bounce Back Loan - has ANYONE been pre-approved or had ANY correspondence today?
BBLS loans for Critical businesses
Please can you tell us what that initial limit is from the British Bank?
That is going to make a dramatic difference as to whether I wait this out or not. ie. you can easily calculate that if Tide have been given an initial sizing of £100m, then on the average BB loan of
£30k that is only going to service 3,333 business, likewise £1b is only going to service 33,333 out of your 160,000 registered with you.
I think everyone appreciates that the team are working tirelessly to make this happen and get it right, but without any peripheral information it is very hard for businesses to make decisions right now - if I think there is going to be a 2-4 week delay, we will need to start thinking about heading in a different direction.
Query, why is there a LIMIT placed on what Tide can lend. I am not aware of any limits on other banks? The government, through the BBB, has a huge pot of money. The stated goal is to distribute it, and fast, to eligible busineses =, and distribute it via as many channels as possible. A lot of us have taken out accounts with Tide, and waited for them to be approved. And now it is stated here is a limit on the money. No doubt many of us feel very disadvantaged to have ditched out High Street banks for Tide. You are really letting us down.
Tide needs to be clear and do the right thing here we need answers to our questions so we can survive as a business.
How much is the limit of capital??
How is the phasing going to be done? On what criteria?
This now causing more problems than you are meant to be solving. We all need answers NOW so we can make decisions.
Guys… Forget about this tide. dont wait at their mercy.
Go to HSBC FEEDER ACCOUNT
OR GO TO
COOP bank, make sure you have an FSB membership its only 177/year direct debit. , then open a current account on CCOPbank its called, FSB business banking account,
Co Op are quoting 28 days to open an account and HSBC just as bad!!!
but they have got unlimited fund. unlike tide
I do not understand this “limited funds” business. Why would some institutions have unlimited funds and others not. Surely that is prejudicial to those institutions (and customers of those institutions) who are given limited funds? Not a level playing field.
HSBC waitlist is 28 days before they will open up a feeder account, I have been waiting nearly two weeks now to even get a reply form HSBC and the COOP will not open new accounts at present.
but they have got unlimited fund. there is something to expexct in 28 days. unlike tide we are in limbo.
with coop you open FSB memebership and open the FSB bank account… i just received an sms they are checking the details and in 7 10 days I should hear from them.
How do you knows this, do you know a premium member who has been accepted?
Thanks Parot but unfortunatly COOP will decline me I feel as my credit record is less than perfect and I know from applying to other banks for an account before I signed up with Tide that the big banks hate customers with bad credit.
Bout Bounce Back loans have NOTHING to do do with credit. There is NO CREDIT CHECK I understand. The Business is borrowing, not you personally, and the Government guarantees the loan. So no risk to the banks. If your business qualifies (and almost all do( then you shoudl get the loan. Period!
If you are an FSB member then you should be fine even if your credit score is not perfect. if you are not FSB member. you can sign up they will not take the payment straight away. in coop website the account is called FSB BANK account
We are taking a phased approach to deliver Bounce Back Loans quickly and efficiently. I can also confirm that we are aiming to deliver Bounce Back Loans to all Tide members who are eligible in due course and will start delivering them early this week .
As I mentioned in my previous posts, there is an initial limit on the amount of money we are able to lend as Bounce Back Loans from the British Business Bank. But once we have reached our initial limit on the amount we can lend through the BBLS we will work with the British Business Bank to increase it.
We will keep communicating and updating you on this - but in the meantime, you can find more about Bounce Back Loans and join our waitlist to register your interest here.
Specifically, per these terms please be reminded, per subsection 18.4 (e), that “It is not permitted to: act in a manner that is defamatory, libellous, threatening or harassing when using the Services”.
Thank you for your understanding, and please let me know if you have any questions,