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So we finally have an update from the CEO, getting a bounce-back loan from Tide is never going to happen, they have failed to secure the funding and are lobbying the government to step in instead.

They should’ve never announced accreditation or applied for it in the first place unless they were certain to secure the required funding. They have caused unnecessary and considerable heartache for numerous businesses during this complete fiasco.

  • created

    Jul '20
  • last reply

    Oct '20
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wonder how many accounts are gonna close this week… if you need a job Obi give me a shout i’ll be able to… oh wait no i can’t because my business is too far gone to rescue. guess ill see you at the Job Centre

When there was no tracker. And no news it was on the cards. Shambles.

I never new they advised that no lending to sole traders. Didn’t say that on opening an account or registering interest.
More lies from them

Hi there, thank you all for joining the discussion.

To clarify, changes in legislation did come into effect that allowed us to lend to Sole Traders as well as limited companies.

While we have unfortunately had to pause in lending, and I understand how this must be a very difficult moment for many of you, we are still going to be in discussions with HM Treasury in regard to securing more direct support from the Government.

Regards,
Obi

Sorry you are talking absolute nonsense regarding Sole traders !! I went to metro and opened a business account and had a bbl within 24hrs and lm a sole trader !!!
Cannot believe you are still trying to dangle the carrot of funding just be honest there will be no funding at all to anyone.
You never had a tracker in place because you knew that you will not get funding!!!
I’m so so sorry for the members who will lose there businesses because of this shambles !!!

I do understand your frustration with this, @Oscarsadie1

It’s definitely a blow to us as well to have not been able to extend the loans to our members, be they at the head of limited companies or sole traders.

Even so, we’ll still do everything we can to see the scheme and the funds it’s meant to provide to as many people as possible.

Regards,
Obi

3 months later

closed Oct 6, '20

This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.