Update on Tide Bounce Back Loans


#1

The latest letter from our CEO explains why we’ve made the difficult decision to pause our BBL lending, starting from today, 7th July.

While the scheme makes it easy for banks with large pools of funding to lend, it is more difficult for fintechs like Tide. The design of the scheme doesn’t meet the requirements of our prospective funding partners, so they’re unable to provide the funding for us to lend to you.

We haven’t given up; we’re in discussions with the Government for them to start providing the necessary funding for their Scheme. Unfortunately, we cannot change the scheme ourselves, but you have our commitment that we stand ready to immediately lend at scale through the Bounce Back Loan Scheme if and when the necessary changes have been made by the Government.


Genuine Questions
#2

Wow…
Seriously i have no words


#3

Sleep well tonight knowing your lies and lack of HONEST COMMUNICATION will send businesses to the wall for choosing to bank with you.


#4

thanks Tide… kids crying now!
but seriously it’s not on really is it?


#5

Absolutely gobsmacked


#6

Can afford adverts on every channel left right and centre but can’t look out for you so called tideans… I bet etc Oli gets a nice home to go to while we literally are going to
Be going back to a family no possessions and living on the street… thanks Oli spot on


#7

It’s an unfortunately predictable outcome given Tide’s business structure.

However, the disaster of communications, of inferred promises, the constant use of the word soon, the tracker!!! As always with these things, its not the act, it’s the cover-up that is the final nail.


#8

This has be a joke. We have been waiting sene the first day and registered and people that only joined tide have got loans from you… Please explain why u have lead us on… Do you know what this will cause to people and there business. A joke I for one will be looking to open a new account with another bank. Customer service is crap and the ride is a joke. A complete shower of ars… S


#9

Well this was always coming. Not a surprise but not sure the impact of the lies tide have been spoon feeding for what is now 2 months has on the thousands of customers they HAD.
See ya Tide.


#10

I guess Oliver will be playing panto this year. I let you decide the character. Lie after lie. Not a word of truth until today. Could have said after the 1st day the pot was dry. Full of crap. Not that he will read any of this. Just his poor staff which will probably lose there job when it all goes bank.


#11

Why didn’t you think to spaek to the government when it was obviously difficult to raise the funds instead of onboarding new customers? I registered on 11th May and am still to hear of any business being given a loan. Where dis the 50 million go and to who?


#12

I suppose to their contractors. Their IT staff and so on are/(were…) their subcontractors


#13


#14

Guys can I please make a suggestion that EVERYONE writes to their MP outlining the problems

  1. They can’t get a loan from anywhere else & lives depend on it.

  2. Impossible for tide to seek funding at 2.5% from a private market

  3. Gov need to give the the money !!!

And to get behind the changes / lending arm tide are referring too… I will ask ExcludedUK if they can get on the case with their mps in the newly formed group.


#15

“ Therefore, we’re in conversation with our contacts at HM Treasury about the Government providing the necessary funding for the Scheme directly to lenders, rather than lenders sourcing capital from investors or other financial institutions.

As reported in the press, the Government has been considering this for some time, and there are examples where the Government is directly providing funding for the Coronavirus Business Support (for example, for the Future Fund).

With the “whatever it takes” approach the Chancellor has taken to supporting the economy, we believe this is a good opportunity for the Government to make changes that will significantly benefit our members and the UK economy overall.”


#16

Like we all didnt really know all this lol


#17

Anyone who hasn’t try hsbc. Feeder account. Patience is needed. But checking my application tonight I’ve noticed its been approved. I’m a sole trader. And now put in application for bbl. But they are not very good at letting you know so luckily I checked the online application portal where sort code and account number was and a link for bbl application. Good luck


#18

Now we know the situation - Tide is never going to be able to provide a bbl - we should get together as a community and lobby on our collective selves to get something done about it.

First suggestion is to take the conversation off of this forum.

If anyone is interested in clubbing together let’s start taking control of the situation as Tide is a busted flush and not worth our time anymore. Happy to post my contact details here to kick it off if people want to get on board? @Cam what’d you think?

All I need is peoples email addresses and I can invite to a community i’ll set up, my email is matt@6cventures.co.uk, email me, say you’re a tide member and i’ll invite you to the new community site, we can discuss our options their


#19

@Newbielee I’m sorry you’ve been disappointed by our communications. Until yesterday we were hopeful that we could secure more funding for Tide Bounce Back Loans. As soon as we were informed by our prospective investor that we weren’t able to secure the funding we needed we shared the communications across our channels.

@Talboroughs we’re sorry that we’ve not been able to offer you access to a BBL. Regarding our advertisements: just like any business, we allocate money for running our day-to-day operations (such as staff costs, marketing, paying for software licences, and so on). To fund Bounce Back Loans, we were asking for hundreds of millions that we’d lend to members. These two activities - our daily operations and Bounce Back Loans - are totally separate.

@rjfk we’re sorry you’ve been disappointed in our communications. Since our accreditation we have done our utmost to share as much information with our members as possible: we created a landing page for the scheme, shared over 50 FAQs, 14 blog articles and sent 21 BBL emails to our waitlist, as well as updating our social community. The reason we haven’t been able to give precise details and timelines is because we’ve been negotiating with financial institutions regarding funding, and only found out yesterday that we were unable to secure the funding we needed. We have aimed to be as transparent as possible and hope that our members understand that securing funds for this scheme has been a difficult process.

Our tracker is ready to beta-launch if and when the government is able to grant direct access to funding for lenders.

@asf2020 we are truly sorry to have not met your expectations in this, and for the time you have been waiting. Our leadership team have been working with a number of financial institutions to try to secure funding to lend through the scheme, while our Member Support, Engagement, Credit and many other teams have been working evenings and weekends. We, as Tideans, are so disappointed that we haven’t been able to provide this support and, if you do feel that you need to look for an alternative bank, we sincerely wish you the very best for your business.

@Johnspud77 the government have been considering amendments to the scheme and we have been having conversations with them about this for some time. There are examples where the Government is directly providing funding for the Coronavirus Business Support (the Future Fund) so we hope that this same approach can be applied to the BBLS.

@jadexco please rest assured that, after beta-testing our BBLS product with established Ltd members, the funds we have lent were administered on a first come, first served basis, as we worked our way through our waitlist. We’re not aware of any Tide staff or contractors having received a Bounce Back Loan from us.

@Cam thank you for your suggestions, we truly appreciate any support which will allow us to continue lending to our members.


#20

Sorry but I find if difficult to find any truth in theses words.

100s of people said the tracker would never come despite Tide saying it would be “mid June” and “coming soon” it never did come.

100s of people said we would never get BBL’S from Tide and despite Tide saying they would be “Handing out loans you those eligible soon” they never have come.

You can’t tell me all those hundreds of people were just a lucky guess.

Hard proof is required to believe and have confidence that Tide really have done the best for its customers but you won’t give us any.

No proof suggests no truth.

I wait eagerly to see what Tide has to say to us on this post.