2.2. The total principal amount of the Bounce Back Loan shall be determined by Tide
Capital in its sole and absolute discretion and will be communicated to you via the Tide Platform
As per rules it’s up to a borrower to indicate how much he wish to borrow up to 25% of a turnover.
Tide simply planned to offer some random pre approved amounts?
2.7. Tide Capital’s obligation to grant you a Bounce Back Loan is subject to the following
conditions being met by you:
a) the Drawdown Request is properly submitted by you within the Availability
b) you are not in breach of any representations and warranties set out in Clause 7.
- Your Representations and Warranties
d) your business, your business’s and your directors’ credit scores have not
materially changed since the date you entered into these BBL Terms;
i) you are not aware, or could not reasonably be expected to be aware, of any
circumstances that would adversely affect your business’ or your directors’
These BBL Terms including the Final Offer and the Repayment Schedule are the
complete and exclusive statement regarding the subject matter of these BBL Terms
and supersede all prior agreements, understandings and communications, oral or
written, between the parties regarding the subject matter of these BBL Terms.
Many business and directors credit scores could change and BBL scheme addressed that matter by making its clear that BBL applications are not to be credit scored and a self certified statement is all that is required. It also allows to lend to businesses in difficulty as per EU Temporary Framework 3rd amendment.
I suggest without any delay to consult a lawyer to outline in which way TIDE actions caused damages to TIDE members and whether a breach of any applicable legislation have occurred.