All good points. That said and especially the point about people on furlough falling through cracks. Government announces £350bn funding available, but mostly just guarantees. And they knew £350bn unlikely to be actually lent out - as liquidity constraints in the market. So great PR, but leaves a lot of people pissed off - not to mention businesses bust. Agree Tide should “partner” with a bank with funds (if only to access loans for Tide customers), But query, why no one wants to lend to Tide. 2% guaranteed interest looks ok at present, surely, in a negative interest rate environment?

Government won’t have a choice but to keep lending, there is 0 benefit to see any business go under, never mind 2%

They are talking about giving every person in the UK £500 to spend in retail and hospitality

They are talking about giving £5000 to every home owner to insulate their homes.

Big business needs small business to survive otherwise everyone is a looser !

I really don’t understand where all the conspiracy about tide intentionally screwing this up to gain more customers or promising the world comes from it makes no sense at all.

without the SME community tide doesn’t have a business, all the so called customers they intentionally gained (even tho it’s just a list) will go under without a bbl… tides intentions are & were genuine they just couldn’t secure private funding.

@Jtreacher I would challenge any one here to try and secure private funding on £50k @ 2.5% … never mind hundreds of millions.

If you have hundreds of millions of pounds you got hundreds of millions of pounds because you know how to make money, you don’t put hundreds of millions of £ into savings account… for a start medium risk investment account makes 15/20% a year but with hundreds of millions you are probably funding gold mining companies, drilling for oil, start up tech companies and smoking fat cigars in the carribean… 2.5% is diabolical there is no surprise imo.

Perhaps some are right and tide knew this angle of going to the treasury was always a distinct possibility, either way this is where we are and tide have and had 0 To gain by being anything other than genuine & there is imo a very distinct possibility they get the funding required.

47 building societies in the U.K. haven’t even bothered!

Let’s also remember, we have 4 months left before the scheme ends.

All points noted. That said, I know businesses paying 1.5% TO a bank to hold their money (albeit CH francs) so I do not think making 2.5% guaranteed is a bad deal that no one would go for.

Snippet taken from the times article on tide stopping funding …

In relation to:

“ Objections included banks not wanting to provide capital to a competitor and institutions that said the returns were not viable given the low interest rate, Tide indicated.”

Through all of this I have to admit that I find it sad that people’s instant reaction is to just go out and smear tide for having tried.

Rather than pooling resources, trying to get behind them and support the possibility of the treasury giving access the instant reaction from some many on social media is to:

“Hold them to account”

“write bad reviews”

“They’ll never get away with this”

Just like the original constant bitching it may have even been the straw that broke the camels back & put a lender off…

Likewise

People are just making their grave even deeper.

Gov’t has a tricky situation on its hands now. Having pledged to do “whatever it takes” 2 months later there are 80,000 odd people stuck in total limbo.

Pelican - they said they beta test all schemes with some of their first customers so I assume they did that and the list wasn’t used.

I know of 1 who had a bbl so clearly they did fund some.

Tides interests are alined with 84,000 customers… if they don’t get funding they won’t have a business.

Hi mate I’m not denying their has been failings & I’m not denying that people have the right and rightly so feel frustrated.

In relation to your points:

1. The ceo of any other bank would on a very rare occasion reply to emails from customers, this is not an uncommon feat.

2. & 3 They failed on the tracker, And the arrival of funds being soon, agreed but we are where we are and we have to work with what we have… you have suggested before that people try other banks, the sad reality is that tide is some peoples only option at securing the loan.

We’ve got absolutely little to gain by looking over the past at all of tides failings and where they went wrong and what they did wrong, I actually personally don’t care less, all I care about and my only objective is securing a loan so I’m not made homeless, I do not care about a waiting list I care about helping g, if I can get the funds into tides hands & then into mine.

I get it, it’s utterly shite but above all the blame lands with the gov, scheme was rushed and crap & to top it all off the governments idea of helicopter money as announced today is giving a reimbursed up to £10, 50% off voucher to people eating at restaurants. They are utterly delusional. And they won’t have much longer before e whole economy is irreparable.

Force business to close and expect them to be happy with no help.

boris & Rishi get real.

Thank you for continuing the discussion here, everybody.

It’s been our intention from the beginning to support as many businesses as we possibly could, which is why we kept our waiting lists open and did not turn away new applicants. Though we’ve tried to be clear that we cannot promise results, we can’t deny our responsibility to our members.

We absolutely made errors in our communication, in regard to the waiting list tracker. In regard to funding, though we were optimistic at the time, unfortunately the final decision we received from potential investors yesterday came after lengthy negotiations.

We’ll still be working around the clock to both restore our response times to day-to-day queries to the regular, and to push for the Government to take a more direct approach to funding.

Regards,
Obi

Im also with cash plus and they didnt even try., so fair play to tide for trying. We’ll just have to hope something is sorted before the cut off date in November.