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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.

In anticipation

Kind regards"

  • created

    Jul '20
  • last reply

    Jul '20
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Great template. ONly thought is, for others with emolyees, to make the point that while the Chancellor says he cannot “save every job” he can certainly assist SMEs in saving jobs. And by making funding available he will be saving jobs!

Also, in he penultimate parargraph, maybe not “consider this as a much needed option” but to implement this with immediate effect before a number of other businesses, including mine, go to the fall". I never like to ask Gov (or anyone else to “consider options” as just an excuse to kick into long grass. Key is to push them to take AC TION

Yep all good points mate, feel free to use / change / persuade & customise wherever needed.

It’s important to press TIDE to agree now that should BOE funding be granted they

Will issue loans to every business on a waiting list prior to announcement as per British Business Bank public criteria without adding any of their own.

@sami22 mate they’ve already stated that was their intention many times… another reason why they clearly just want to help small sme’s unlike the sharks on Main Street

Had Tide stated explicitly that they will not apply any extra criteria?

It could be a case for Treasury to save some money - tide promoted their BBL and now many businesses are semi stuck with them.

Any access to wholesale funds should be a subject to TIDE agreeing to lend to all eligible, as per public British Business Bank criteria, businesses.

It’s even written on their website mate, we signed up and joined the list on those terms & admin have reiterated it here.

Can you kindly post a link or post a quote ? I did check , yet to see any.

Mate I ain’t going to be able to find the comments, this forum is inundated with various reassurance from the mods, but it’s on their website under the “is my business eligible”

Have a look, email your mp & the treasury & keep your fingers crossed (going to Need it)

but as with all other lenders, getting a Bounce Back Loan depends on a number of factors. These include:

  • Government rules on eligibility
  • checks including anti-fraud and Know Your Customer (KYC)
  • our lending capacity
  • raising money to finance the loans

These include not those are.

I do know how to do political lobbying. However if Tide is getting closed to getting a banking license and or access to wholesale funds and or an equivalent tide CEO has to made an iron clad promise.

An example would be. Should Tide receive extra funding from BOE facility or equivalent Bounce Back Loans will be issued up in amount 2,000 to 50,000 to all eligible businesses that were on a waiting list prior to pause in lending (insert date) and new customers subject to funds availability.

Eligible businesses - any existing business customer meeting minimum BBLS eligibility rules with no extra criteria added by Tide (and all the related entities).

No KYC AML Anti Fraud checks are required for existing customers save for presence of another BBL loan, as those checks are performed at account opening.

Any new customer subject to AML KYC (at that point in fairness TIDE can try and stem amount of new accounts been open as AML KYC requirements while simple leave some room for interpretations).

When a simple, throughout Tide guarantee is issued then it is ok to lobby MPs.

Do not rush , secure transparent, all encompassing and legally binding commitment from Tide first!

Dude I think in some ways you are trying to polish a turd.

Don’t take that the wrong way but, it will be a minor miracle if tide secure funds.

The government or a bank will only allow tide To access funding if they see many people are desperate.

How’s not really the time to go about shouting orders or demanding guarantees or alike & all the info is there to see.

If you want to help tide help us then lobby your MP.

Thank you all for joining the discussion here.

It’s heartening to see that, despite the difficulties we’ve faced, many of you are taking steps to make your voices heard, and in support of what we all want to see develop from the BBLS going forward.

If you’re interested in reaching out to your local MP to bring attention to what we’re advocating for in regard to funding, we have also prepared a template that you can use: https://www.tide.co/blog/coronavirus/bounce-back-mp-email-template/ 11

And another thing that might interest you all is a live Q&A being hosted on LinkedIn by the Chancellor. If you’d like to bring this topic to their attention, you can add a comment here: https://www.linkedin.com/posts/hm-treasury_planforjobs-activity-6688400578034315264-gaZY 14

Kind regards,

Worth a try:

“ Recently it was announced that the Treasury would not support small, disruptive but forward thinking companies such as tide and monzo with access to funds to help the hundreds of thousands of businesses who are banking with them, get the support they need.

Do you not feel this decision is somewhat shortsighted for the UK fintech / banking space, when in Europe & other areas of the globe, support has already been put in place for these small forward thinking & disruptive companies, trying to do the best for the economy & small businesses in these exceptional circumstances?”

So badly want to go off on one but it won’t get the desired thought provoking reaction.

Imo they will be more concerned at the thought of pushing innovative companies onto the continent then helping any of us cattle class out.

hopefully the above will get a reply :pray:

Lets see if yours or my questions are answered? I shall be watching at 11am tomorrow

@Marc1 Me too. going to keep adding so he can’t avoid them all, also, given their will be other people with influence watching, they may also read of the comments… just need to remember not to double up on questions & call them all a bunch of selfish lying c**ts :joy:

We best not hold our breath.

Some of my comments on TIDE Denied BBL as Tide reports active application? 3

As to MPs.

Tide could for a start.

  1. Deliver tracker within next 7 days. It is very easy to get data from a DB and build a simple user interface. In fact we tide customers can even make a tracker ourselves by forwarding email acknowledging addition to a list to a 3rd party developer.

  2. Send an email to all businesses that were on a list prior to its closure stating
    2.1 Irrevocable eligibility to BBL that can not be superseded by any other unilateral changes of Tide policy and amend BBLS Terms and Conditions to reflect this irrevocable eligibility.
    2.1.1 Eligible to a sum that is a maximum of a 25% of 2019 turnover, turnover data as supplied by customer.
    2.1.2 (insert British business bank eligibility criteria) and no other criteria shall apply.

  3. Loan draw down application will become available within 7 working days of TIDE receiving access to government funds directly or indirectly.

  4. Loan is to be paid within 3 working days to a TIDE account. No further checks will be made and payout is automatic.

This is just an example and obviously it has to be checked to ensure that is it watertight however it illustrates idea well.

Under no circumstances I advice to lobby MPs to give Tide access to yet more capital until it will address its current major shortcomings. I do understand many of us are keen to get BBL however in order to do it we have to proceed with caution.

Otherwise we will simply ease up Tide pathway to getting a bank license and Tide will still reject many applications. If Tide wants a banking license via public support support the public.