Covid19


#1

I was wondering if you had any more details regarding your application to fund
Coronavirus Business Interruption Loan Scheme

Just before I apply to other lenders

Neil


#2

Hi Neil,

thank you for reaching out.

I am happy to confirm that the British Business Bank (BBB) has listened to the fintech sector, including Tide, and opened up its accreditation process for lenders of the Coronavirus Business Interruption Loan Scheme (CBILS).

We’re still yet to receive a response to our registration of interest but are pushing to get an answer as quickly as possible.

We’ll keep updating our members you via our Coronavirus update and our COVID19 Assistance blog and community categories.


#3

Just seems nonsensical that a licensed bank would even need to APPLY. What for? Banks are there to distribute the money on behalf of the goverment. The key is to get the momey and out and flowing into the economy as fast as possible. Tide knows its customers, has their details and can easily assess loans. And since 80% gov guaranteed, banks can just hold 20% of the Loan in a segregated account, and deploy 80% immediately to the borrowers. Simple and saves time and removes risk from the banks. Surely that is a simple solution ot getting funds out there.


#4

Hi @Jtreacher,

Thanks for your post.

We’re still pressing them to process our application and hope to be able to provide this support as soon as possible.

We’ll give you an update as soon as we can.


#5

Really useful from Tide, or the Community, for some forum to provide ADVICE to people as to how best to work their way through various claims that they may be eligible for. How best to apply, for example for business interuption loan, or self emplyed support Often HOW the application is strucutred and presented is Key, so some portal for advice woudl be most welcome to help people get all they are entitled to


#6

Hi @Jtreacher, within our Coronavirus hub we have several blog posts which I hope you will find useful.

Our first blog post lists all the Coronavirus Government aid which is currently available for businesses; this post explains the process for receiving a Government Coronavirus Grant; this posts explains how to get a Coronavirus Business Interruption Loan. We also have a post with advice for the self-employed.

As my colleague @Valentine_at_Tide said, we’re pressing the Government to receive a response on our application and we will inform our members as soon as we receive a response. We hope this is very soon.


#7

Thanks for the response. But I remain UNCLEAR. YOu say Tide have “submitted an application” and you are awaiting a response. But why, if you are a bank, yoiu even need to “apply”. And why shodl it take more than a few minutes to “respond”. Not your fault, but seems a totally wasteful and bureaucratic timewasting strategy on the part of the government The key is to get money flowing - and FAST. And not worrying about banks having to apply. My view is Treasury promises a lot, but will deliver nothing.


#8

Hello, please accept our apologies for the late reply.

Note that the Tide business current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. PPS holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives customers protection against PPS’ insolvency.

Given this, we do need to apply and await approval for the Business Interruption Loan Scheme and we will inform our members once we have received an update on this.