Is it today Tide have become accredited?
We’ve been accredited today to deliver Bounce Back Loans to our members. We’re working with the British Business Bank to get the loans up and running and we’ll start delivering Bounce Back Loans early next week.
You can register your interest via our dedicated page: https://www.tide.co/bounce-back-loans
Tide are saying that you need to qualify for the loans and that they need to credit check you etc etc and have proof of income and that you can afford the loans… NO NO NO this is not the correct way the government have said the BBLS should operate, you can’t just change the rules to suit your own ends. The loans are 100% backed by the government so there are no credit checks over and above the KYC and AML checks.
Where does it say this?
exactly.! t’sT guaranteed by the government 100%.
now let us send the link to the BBB, about how tide is making it;s own rule!..
If it’s CBIL. then it’s understandable. but This is BOUNCe BACK LOAN. THAts why TIDE has been accredit by BBB becuase its 100% guaranteed by the government. so why make your own rule!?
CBILS- TIDE not accredit( becuase you do not have that capacity!)
BBL- Tide has been Accredit because government guaranteed it 100%-
you will be reported if you will do credit check and KYC and etc… IF we have bank account and we have turn over then 25% of the turn over should be granted (upto 50k£!
I think TIDE needs to come out clear on this !!! I might just start looking to move by business to another bank. Will be a total waste of my time having waited on the so called waiting list!
TIDE can’t be making up rules now. Especially when its different to what the government has laid down.
I suggest you read the British Business Bank BBLS page and the .gov website relating to this as it says every business that is eligible can self certify all of the trading history etc and also that the participating bank/s can’t ask for any proof of income or trading such as they do in the CBILS loans scheme .
James I suggest rather than playing the fool you do some research first.
I think James was asking ‘Where are Tide making this statement about business not being accepted’ not the rules on who can be
What is the Tide criteria to be approved fir Bounce Bank Loan.
How long will it take to know whether the company has been approved or not?
will companies know either way?
Hi i cant see anywhere on tides info on bounce back that they are credit checking normally u have to agree to credit check
Not sure about any of this. I know people at other banks who just fillled in 5 lines online, certified it, and sent it off. And got funds in a few hours. There clearly are no credit chechs required or anything else. But of course up to teh client to be honest and straight. So I am not sure why Tide seems to be making a meal out of this. As an online institution Tide shodlbe the “smoothest” in getting money out. Not the most difficlut. And some communication from teh CEO as to what is goig on would be appreciated
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.