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I’ve seen so very many messages on here regarding bounce back loans. Let’s all take a minute to remember these are unprecedented times. A time in which people are waking up to far far worse than money troubles.
Let’s all take a minute and allow the workers at Tide to do there work.
Excuse the pun but given the time and opportunity I’m sure the tide will turn and Tide will deliver the bounce back loans to all that need them.
Remember the scheme is open till November.
Remember the people working at Tide are just like you and me and don’t deserve to be spoken to in a abusive manor.

  • created

    Jun '20
  • last reply

    Sep '20
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:clap::clap::clap::clap: it’s certainly not their fault. They’re doing their best in unprecedented times.

Yes. Tide is doing everything but actually deliver the loans.

The problem seems to be access to affordable finance. Tide cannot borrow from the BoE. High street banks can borrow at just over the base rate. However fintechs can only borrow at whatever rate the lender wants to charge. This means that a lot of finance may be too expensive.

I believe that Tide does not have enough capital to lend to everyone at the moment. The lopsided finance regulations of the BoE are not Tides fault.

However Tide’s communication is appalling. We should have had an update from ‘Oliver’ last week regarding the lending progress, amounts etc. That hasn’t appeared yet. Communication issues are definitely their fault.

They may have till November but I don’t think many of us will still be in business by the end of July. I suppose that solves their waiting list issues.

I dropped out of the HSBC waiting list because I believed that Tide were ready to lend. If they’d said they only have enough to trial the system to Ltd companies and they couldn’t lend to sole traders yet, i’d have stayed on HSBCs list. I’m going to get back on it tomorrow but their lack of communication has cost me.

I want them to succeed and get these loans done but i’m not sure I can stay in business long enough to receive mine.

I agree with your analysis. Also on your comments about communication. After all, people are having to make life changing decisions based on the information (or lack of it) they are given. And BBL were desigend to be fast, easy and self certified - so role of banks and lending institutions was a risk free way to distribute money to business - who after all are in a mess due to government mandated lockdown.

Tide allow EVERYONE to apply (and then they would have a firm idea of demand. But make it clear loans only granted WHEN (not IF) the funding comes through. A clear statemetn from Tide that ALL Tide customers who meet BBB criteria WILL get loans (it is just the timing that is unclear) would go a long way to calm people down.

Further, it the Government/Treasury that needs to support business. Banks and lending institutios are only the mechanism/conduit. Why put £350bn on the table if only a small portion in “ready cash” available to lend. BoE needs to make funds available to ALL BBB credited institutions to then on-lend. And, if need be, Treasury/BBB keeps the loans on THEIR books (and counted as part of PSBR). Detail unimportant. Key is to get “water to people dying of thirst”. And get it to them NOW

The problem I can see with your assertion: “BBL were designed to be fast, easy” is that no-one in government neither in civil service was ever a businessman…
I mean REAL businessman… not MBA, not manager, not PowerPoint expert presenting beautiful slides but someone who risk their own money, put a lot of time, blood and sweat into his very own business.
That’s why what they have produced doesn’t work in real world as intended.
They even weren’t aware a lot of self-employed people do not have business account (which is not legally required and very often not needed at all).

Tide should have been transparent as to the real reasons why the BBLs are not forth coming. People put their hopes on Tide, only for them to regret and be disappointed. This is in very bad faith, as their way of operations have destroyed people’s businesses. If they are having challenges in giving out BBLs, they should have come out clearly with the truth rather than keeping people in suspense. It’s not good at all for Tide’s reputation as to how they have handled the BBLs. Truth matters.

Requiring a load of additional paperwork is totally contrary to all the initial statements about how simple the process would be.

Of course it’s their fault. they accept new customers. no online applications. tehy maybe workign around the clock , they should becuase they are in mess.

Wind your neck in for once will you . All you ever do is bitch and moan and it’s not helping anyone. You say you are sorted with HSBC, good, so stop coming on here spreading your negativity. It’s a stressful enough time as it is .

I don’t moan… I don’t wait/ I move… I don’t rely in one source… I don’t rely on someones hand in my pocket. so gud luck with your business… ! Of course I h.melping them by giving them other options.
In every crisis there is oportunity. I just been approved to supply a rental electric scooter by city council bcoz I found a great pivoting IDEA amid covid19( if I will tell you the whole contract amount you will not going to believe( more than the limit Tide has set in my account that mean Tide is no use to my bsiness) :-). I don’t wait like you! cheers
looks like w/o bbl you will sink… that is not a businessman mentality… If I am TIde I’m not gonna lend you any money… PEACE!

Im founder member in tide July 2017. so you should know where Im coming from…

Congratulations on being the next scooter king but i really don’t care to know about you or your business.

I agree with the sentiments of the top post, no doubt emotions are running high.

FWIW and a bit of reassurance for some - as of last week a rather large PLC mcap c£9b took a charge out against tide and one would easily assume this is tide securing the funds for the BBL’s … they clearly ran out of money which is why there’s been a hold up.

As others have stated tide cannot borrow off the BOE in the same way as the high st banks & they’ve clearly had to go elsewhere for funds.

Which given the charge against the company I’d say things should now start moving.

Before anyone whinges that they should have been informed, as it is a plc very likely there were disclosure agreements in place - which is why they have been quiet.

But one can only see this as a positive. Charge was done on 27th May.

Expect the ball to start rolling soon.

Cam. Does this mean Tide have borrowed money? If so how much? Excuse my ignorance but I’m not very clued up on this sort of thing. Thanks.

A charge means the company now has priority over tides assets should it default etc - you would only do this if you were borrowing very large amounts of money or alike.

Not sure of the amount as tide is not listed so doesn’t have to disclose.

It can only be seen as a positive development tho mate.

Tbh with you given it’s government backed & the huge demand I imagine both parties will be wanting to maximise their position.

Given funds are limited I just hope going forward tide can work out a way of helping those who are desperate, haven’t yet tecieved a grant, any furlough wages Or a loan etc… there are undoubtedly a few who are lined up who won’t even be cash strapped yet could easily divert funds away from those who are which just completely defeats the object of the scheme.

I’d hazard a guess that the ones online stressing are the same people who havent recieved a penny in all this madness.

It’s a no brainer really from the banks perspective, government foots the bill should it all go wrong, 1% for plc & 1.5% for tide ? lend out £500m to people who largely would never have been customers, increase your ongoing turnover & pocket £7.5m profit on the loans over a 6 year term.

Only thing I’m baffled by is why tide are allowing people to loan the money through them but not bank with them, seems ludicrous when you could have locked in £500m+ worth of custom for X amount of time - dunno about anyone else but from a business point of view seems foolish ?!

3 months later

closed Sep 6, '20

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