@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.