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Sorry, after months of research, I can not see why Tide have not applied to join the TFSME from the Bank Of England? This would solve the whole BBLS problem.

What is Tide’s response to this, please?

  • created

    Jul '20
  • last reply

    Jul '20
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Tide can’t access TFSME as it’s only meant for eligible banks.
Tide doesn’t have a banking licence so does not apply to them.

Hello @Pedz!

The TFSME allows eligible banks and building societies to access four-year funding at rates very close to Bank Rate.

We are neither a bank or building society.

Noted. But surely some “creative thinking” could be put into play. Why not PARTNER with an institution WITH a banking license? Access funding via the partner and split the fees earned? Tide does all the work distributing the funding to its customers and partner bank gets fees for just being a conduit for money? Or something similar. There ARE solutions but no one seems to be able to get them done. And there are foreign banks (licensed) in the UK with access to funds perhaps, but limited domestic customers. Come on guys - get a solution

Hello @Jtreacher! Thank you for the suggestion and the can-do attitude. As it was stated, we do have a team that exclusively focuses on that matter and they have been working behind the scenes, exploring all avenues. Perhaps, they have discussed such scenario as well. If there are any updates, be assured that all of our members will be notified accordingly. Meanwhile, I will take the liberty of forwarding your comment to that team as well!

Starling has a £300mill arrangement with Funding circle for CBILS, so I think that’s a great idea.

Harry - many thanks. I know UK Gov/BBB confirmed that if an institution a bank lent to (i.e Bank lends to Tide) and Tide goes bust) the loans are STILL guaranteed and he lending bank will not lose out. So no risk to the lending bank.