I wanted to address some concerns and disappointment that you have voiced here regarding Bounce Back Loans.
Firstly, I’d like to reiterate that we understand this is a very stressful time for small business owners. Tide’s focus has always been and remains to be to help you, our members, small business owners. The Bounce Back Loan Scheme has been created to help small businesses in this incredibly difficult time and we are working hard to make sure we can deliver them to you.
I understand getting funding for your business can never come fast enough and If you have registered your interest on our waitlist, you may have read in our email on Tuesday night that over 30,000 members have registered interest in getting a Bounce Back Loan from us.
We were really excited to get our accreditation last week and our engineering team worked round the clock in a number of days to enable lending of the Bounce Back Loan Scheme to our members.
For clarity: this week, we have started to deliver our first batch of Bounce Back Loans.
We’ll further prioritise access to Bounce Back Loans based on the length of time since your business was incorporated and how long you’ve been with Tide. We are not giving priority to members on our different membership plans. Rest assured that we’re working hard to make Tide Bounce Back Loans available to as many eligible members as we are able to. I am afraid that at this time we cannot share timelines for this, but we will continue to communicate updates as and when we have more information. We will notify you on email and in-app as soon as we enable your access to Bounce Back Loans.
BBLS lenders have to undertake Know Your Customer (KYC) and fraud checks when giving Bounce Back Loans and we do these checks when you join Tide, therefore most members won’t need to provide us with additional information (we may need some additional information from some members and we will let you know if that’s the case).
Please also note that if we give you access to Tide Bounce Back Loans, you’ll be asked to self-certify some points to confirm your eligibility for the Bounce Back Loan Scheme. We can only offer loans to members who successfully complete this form.
If you cannot wait for a Bounce Back Loan from us, we understand. Please remember that while you can register your interest on multiple waitlists, you can only have a BBL application with one lender.
I also wanted to highlight the fact that our growing team, that has had to adapt a lot during this crisis, is working really hard to get back to all our members as soon as possible. However, as you can imagine, our accreditation means that we’ve been receiving way more messages than usual. If you have an urgent query please reach out to them via the in-app chat. Otherwise please check out our FAQ and our BBL FAQ there is a lot of information there!
Lastly, I wanted to remind everyone here, given the difficult situation, and to make sure you are not in breach of our T&Cs, to please keep your messages considerate. This forum was built for our SME community to exchange, collaborate and help each other.
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.
I hope this brings some clarity and answers to your questions.