Bounce back loans - more than one business


#1

Good afternoon,

I have a number of limited companies that trade in various products and services, most have been effected by COVID-19. I have asked if Tide will support the businesses that have accounts, I have been told it “one” loan per customer, I have pointed out that I have Ltd companies and they trade in different sectors and are NOT a group, I was further replied to:

“To be honest with you, we are still awaiting for further guidance from the british bank. Please keep an eye out for our updates and FAQ’s, as soon as these details are confirmed we will be sharing them with our members immediately” the support team member was - Katya

That reply was made on the 19th May, I straight away did some research, Santander have got there ducks in a row and have published guildence, click the following link:

I clearly fall into scenario D, small prints reads: If company A and company B are not operating in the same (or adjacent) markets, each may apply for a bounce back loan.

So come on Tide, if Santander know the rules why dont you?


#2

Do you really think that Tide have any interest in your post.

I have been pestering the chat app for days and days and days yet the only message I get is the same one everyone is getting.

Tide are just picking out the firms they want to approve and giving them loans and then the rest of us will have to beg for the scraps.

Valentine informed us in her post that they are giving preference to well establish companies only . then companies that have been with tide form the start

This is NOT how they re supposed to do this.

They are breaking the terms of the BBB schemes.

I would suggest anybody whois concerned about Tide to contact the British Business bank and complain ASAP

Also I am sure because of my complaining I will never get a loan form Tide

BTW Valentine I have not broken any of your rules with this post.


#3

I have been with Tide for 4 years, since May 2017 and I have a Founding Member card. But it’s not been my turn for the BBl yet. I am waiting patiently.


#4

Don’t hold your breath… as you might not make it if you do as you will no doubt be waiting for ever for a loan …


#5

There’s a much bigger factor here. Many companies within a sector will employ a finance director who has specialist knowledge of a particular type of business.

Tide needs to be very clear about what the guidelines are and not simply guess.


#6

Hi @fabulousfox, I’m sorry that we weren’t able to provide clearer guidelines when you spoke with the team last month. When developing our BBL guidelines we’ve been using the information provided by the Government. Because the Scheme is so new, sometimes guidelines weren’t available or didn’t cover everything, so, based on Government updates, we’ve been refining and improving how the loans work and are delivered.

If you own several companies, which are not a group, then assuming your businesses meet all the other eligibility criteria, each company will be eligible for a Tide BBL.

@Veryswede I’m sorry to hear you’ve experienced delays. I can see that my colleague Paul has been in touch about your latest query - if he can support with anything else please don’t hesitate to reach out.

Regarding our BBL process, we begin beta testing of all new products/ features with a select group of long standing limited companies, so we could gather feedback and troubleshoot any issues. We then began working through our wait list on a first come, first served basis, and we’ll continue to work through our list in this order.

@Emmanfey thank you for your ongoing patience, we hope to be able to provide you with a BBL soon.


#7

I am sorry your comment about first come first served is simple NOT TRUE. The limited company that you contacted me about was actually further behind in the line than my main company so how can it be first come first served. YOU REALLY SHOULD GET YOUR FACTS STRAIGHT IF YOU ARE GOING TO TELL UNTRUTHS TO YOUR CUSTOMERS.


#8

Hi, Thank you for the update. I understand these are tough times for all of us. Having got 5 accounts for five separate businesses with TIDE and given the fact that one of them is a “founder member” I am massively disappointed in the lack of clarity and also the offering of BBL by TIDE. I have many many friends in business and those that have accounts with traditional mainstream banks have ALL had a BBL, although some have had delays and IT issues, they have ALL had the help they need…bring in the obscure and Fin-tech banks and the story is very different, apart from STARLING…WOW, what a bank! I now know WHY they have achieved bank of the year 2 years running…sitting here at 2am trying to making the books balance, I really wish I had banked elsewhere…sorry TIDE,until now you have been awesome