Below is a template others could use to contact their mp’s… will want to give it a personal spin of course as we’ve not all been operational for 10 months.
urge people to get behind this tho… I’ve also sent it to the Treasury BUT if others decide to do the same perhaps a fair amount needs changing but ideas within none the less:
"To whom it may concern
I am writing to you today regarding the bounce back loan scheme that was put in place by the government to financially aid small businesses through the Covid-19 pandemic, helping businesses “Bounce back” from loss of income.
As with most companies, my business which I have built over the previous 10 months, was forced to close its doors of operation when the UK lockdown was announced back in March, the scheme which was announced by the chancellor live on T.V was a very welcome development and like many, assumed I would find it easy to get the support that I so desperately needed, as the chancellor had announced.
As my company was established in 2019 and I was registered as self employed I have (so far) fallen through all gaps of government aided support. After 3 months of trying to secure a loan through the scheme I have found it increasingly difficult to do, for varying reasons.
When challenger banks arrived on the scene in the UK I decided to support them, I was at the time reassured the government was supporting the banks & in many ways enticing potential customers to take a closer look…
“The UK Government has confirmed a range of measures designed to help challenger banks take on the establishment”
Challenger banks offer innovative products that can aid and simplify new businesses and small SME’s approach to banking and accounting, hence why I, like so many others decided to dedicate my business to them. There is a vast database of information online showing similar government support to challenger banks.
Now, I like many, having decided to support a challenger bank have found it completely impossible to secure a bounce back loan, due to the lack of support the government has followed through with towards the challenger bank.
My business bank is Tide, a bank dedicated to supporting small SME’s like my own yet there are many people who bank with tide (75,000 businesses registered on Tides bounce back loan list) who are in a similar position to myself, unable to get a bounce back loan.
Almost all main street banks are putting roadblocks in place with regard to gaining access to a new business account, which is in turn preventing anyone who has supported one of the challenger banks from accessing a bounce back loan.
This is incredibly damaging on so many levels, the message this is sending to not only up to 1 million small SME’s who decided to bank with a challenger bank (which was at the time in full support from the government) and so far have been completely ignored, but also the message that this is sending out to any innovative company that decides to challenge industries and push innovation and services forward.
The rate of the loan set out by the government, 2.5%, was clearly done so to give all companies a fighting chance at bouncing back, however as is more than clear to see this has made it extremely hard for companies like tide to gain access, on a private market to the funds, to enable the challenger banks to give to their customers.
We were made aware last week that Tide were in talks with HM Treasury regarding the sourcing of the funding to help their many SME customers gain the access to the support so desperately needed, as per the government announcement the same businesses the scheme was put in place to help.
Can I please urge all relevant parties to strongly consider this as a much needed option, like many, without this funding I will be forced to stop operating, having received no government help to date this has become an ever increasing matter of urgency.
Looking forward with optimism I hope the government and Treasury act for benefit of all.