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Definitely won’t shoot you :blush: and no I have nowhere in the app which shows our number in the waiting list and I looked where you suggested so hopefully that’s good news for you :crossed_fingers:… I genuinely hope people get what they need as it’s certainly been the biggest challenge any business could have faced. On so many levels!

thanks for not shooting :slight_smile:
i’ll be more specific - it doesn’t give me a queue number or anything like that it just says:

you’re on the list and well update you when the BBL is available

when i click on accounts - it briefly (and I mean very briefly (less than a second)) shows this message before showing my account details: sort code account number etc.

when i did enquire about my queue position number via support hmmm probably a couple of weeks ago, i was something like 30, 940 in the queue - so i think i’m well at the back and not expecting anything soon, if at all.

i wish you all the best too - keep the faith and try not to let this grind you into the ground, stay strong.

Oh thank you, and same back papa! And while I definitely don’t have the same “on the Waitlist“ flash up as you, we will still hopefully pull through as luckily we switched to a contactless business model just 10 days into March as could see what was coming and have watched way too many episodes of the walking dead to ignore a potential pandemic … good luck with everything though and thanks again for the positivity, appreciated!

Pretty sure its nothing to do with the BBL as credit has nothing to do with eligibility.

Hi all,

I am really sorry to read this has caused stress!

Happy to confirm this isn’t related to your Bounce Back Loan eligibility.

I completely understand that you need to know if you are not eligible so you can make alternative plans if you need to. We’re working on this now and, in the coming weeks, we’ll start emailing the members we aren’t able to offer a Bounce Back Loan to.

Thanks,
Valentine

Thanks valentine and super appreciated you got back so quick! :blush:

Love walking dead but the noise of the zombies :zombie:‍♂ becomes irratating after a while . Have you watched the true detective ? Really great 1st series but series 2 is pretty naff

So, Valentine, how does tide assess elegibility? The government have given guidelines on elegibility and if we pass all the questions and we ARE elegible based on the assessment questions why would we be turned down by Tide.

because, if you default they would then have to chase you after the money at their expense first before asking government to bail them out. Therefore banks prefer to lend only to those who they believe pay it back in full and on time (more or less), i.e. without any drama.
I suppose Tide doesn’t even have Collections department so it would be a cost to them to recover unpaid loans and chase people up.
I guess HSBC, Barclays and the likes are used to do it and are well prepared and organised to chase after defaulted payments. They are also well funded and can stomach it easily. Just my opinion.

From what I’ve seen so far and from the info from tide they are lending based on government guidance.

Kyc and self certify

Pretty certain that’s the case but like you guys I am nervous as until we get the nod we are left in limbo and with so much on the line it’s very hard not to get worried & imagine waiting 2 months, getting to your place in the que and getting rejected.

Tbh given the guidelines of the loans are completely outside the banks usual lending criteria I doubt the banks are really that concerned. the money is better off in the business owners hands than not so we might as time goes on (especially with the negative press surrounding the economy) see all banks relax their lending rules & actually take on new customers & stop playing silly buggers & with the government just admitting and saying they will just pay it all off & maybe chase it up down the line.

End of the day most if not all of these banks wouldn’t have lent this money otherwise, they’re acting as middle man to the scheme and I can’t see them having to spend silly resources to chase anything. They are businesses, owned by shareholders, for profit, they’re lending outside their terms in some cases to dormant Ltd companies set up in January, no way they would ever dream of doing this in normal circumstances - this is a gov scheme based on government guidance imo gov have every knowledge of what they will have to do & just can’t see the banks happy to do all this with the knowledge they would be eating into their 2.5% margin chasing - it wouldn’t even be worth their time which is why bad credit always pays a higher margin, for that risk factor & taking default into account.

AIMO of course.

I walked to 3 banks yesterday - all 3 gave me numbers to ring - I then spent 3 hours on hold & then the day ended :laughing:

Gotta keep the faith.

Re the banks and debt.

Every stage of this scheme helps the economy.

Money into business owners hands, jobs retained, business afloat, gdp propped up.

Paid back via the business or the government = Banks profit > jobs retained, businesses afloat, no defaults, less chasing, less write downs, gdp propped up.

The best of a VERY bad situation and rather than just outright helicopter money it’s going directly where it’s needed to keep people in work.

Certainly don’t view it as a freebie but I’m pretty certain the government know what the score is given they were happy to lend to dormant Ltd companies - the banks would never dream of doing this in normal circumstances without near perfect credit rating and killer business plan.

I’m sure like all in here every intention of paying it all back, my loan will be up against my personal name and not a Ltd company and I will be personally liable - which is fine as I have absolutely no doubt I won’t turn it into a great deal more.

I’m sure like all in here also - I just hope we don’t get left behind I really don’t want to lose everything.

Really really hard to stay positive atm but it must be done.

Hope everyone makes the most of the weekend, manages to relax & not worry to much.

Hi @Rayh289, @jadexco, @Cam,

Getting a Bounce Back Loan depends on a number of factors. These include:

  • Government rules on eligibility - You can find more info about this under the question Is my business eligible for the Bounce Back Loan Scheme? on our FAQ page 5

  • checks including anti-fraud and Know Your Customer (KYC)

  • our lending capacity

  • raising money to finance the loans

If you already have an account with us, we already have information about you and your company which we can use to give you access to a Tide Bounce Back Loan (we contact members directly if we need more information or documents before we can give access to a BBL). If we give you access to a Tide Bounce Back Loan, you’ll have to successfully complete a self-declaration form confirming your eligibility and accept our Bounce Back Loan Terms and Conditions before you can withdraw the funds.

Because of these factors, we can’t guarantee that we’ll be able to offer a Bounce Back Loan to everyone on our waiting list. But, as I have explained in my previous posts, the team is working hard to align these factors to offer loans to as many of you as possible, as fast as possible.

We’re also working on letting members that are not eligible know via email as we understand this is important so they can make alternative plans if they need to.

Hope this answer all your questions.

Thanks,
Valentine

It’s a little too late now to be making alternative plans, banks aren’t accepting new applications for business accounts, I have waited too long now I think, looks like my business won’t continue past August, too much outlay with no income :sob:

@Valentine_at_Tide cheers for confirming.

@Rayh289 once the other banks have got through the vast bulk of applications I would imagine they will open up to other businesses.

Some businesses won’t be claiming till before they open (august and beyond) & the government have confirmed it runs till November.

Possibly worth opening bank accounts with Tsb / Barclays / hsbc etc now ready for when they are less snowed under…

All 3 are accepting applications from none bank members.

RBS also although they have closed off until they sort out their members.

Can’t understand why Tide are still accepting more people on the BBl interest list ??? One member tweeted she was 72000 !!!

Hi @Oscarsadie1, as I have explained on a few different threads, the Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses. At Tide, we’re dedicated to SMEs and we believe it isn’t fair to discriminate against new customers so that’s why any small business owner can still apply for an account with us, and if they wish, register their interest in getting a Tide Bounce Back Loan.

I also wanted to remind everyone that the waiting list works like a queue so everyone who registers is listed in the order you signed up.

I hope this replies to your questions.

Thanks,
Valentine

closed Jun 16, '20