You also won’t have to make any repayments in the first 12 months. Eligible deposits with ClearBank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. When can I get a Bounce Back loan from Tide? Yes, you can choose to repay all or part of the loan earlier if you wish. The Government states that you have until 4 November 2020 to arrange this with a lender. 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. We’re working with the British Business Bank to get the loans up and running and we’ll start delivering Bounce Back Loans early next week. For further information visit fscs.org.uk. With the Bounce Back Loan Scheme, you can borrow from £2,000 to 25% of your annual turnover, up to a maximum of £50,000 for up to six years. You’re eligible for a Bounce Back Loan if your business: If your business was an ‘undertaking in difficulty’… The startup, founded in 2015, was approved to issue Bounce Back loans in … The Bounce Back Loan scheme is open to applications until 30 November 2020. Because the Government guarantees the loans, they need to have control over how much all accredited lenders lent to customers. The way the Bounce Back Loan Scheme is set up makes it very easy for banks with large pools of funding available, but not for fintech companies like Tide. We’ve paused lending and our waiting list is currently closed. Current account provider Tide has caused some major upset to SMEs in the UK with a sudden halt to Bounce Back Loans. Remember, you may only hold one Bounce Back Loan, and with only one lender, and you aren’t allowed to have both a Coronavirus Business Interruption Loan and a Bounce Back Loan. ‘Guaranteed’ doesn’t mean the money is given to lenders by the Government. Bounce Back Loans from Tide | Register your interest. Loan terms will be for up to six years although you can repay early with no fee. We were accredited by the British Business Bank to deliver Bounce Back Loans to our members from 19 May 2020. After 12 months, the interest rate is 2.5% per year. The Tide card is also issued by PPS pursuant to license by Mastercard International. READ MORE: Thousands of business in limbo as Tide pauses Bounce Back loans. To apply, head over to the British Business Bank website, read all the information there and then follow the instructions:British Business Bank | Bounce Back Loan Scheme, If you’re interested in getting a Bounce Back Loan from Tide, please register and we’ll let you know when it’s possible:Bounce Back Loans from Tide | Register your interest, Read more from the Government:Gov.uk | Guidance | Apply for a coronavirus Bounce Back LoanGov.uk | Small businesses boosted by bounce back loans. Tide is not a bank and, unlike other Bounce Back lenders, it raised cash to … No. If you’re interested, please register and we’ll let you know when you can access a Bounce Back Loan from us:Bounce Back Loans from Tide | Register your interest. Tide, which has 200,000 UK customers, was approved to offer Bounce Back loans in May and lent £50m in the first month. This scheme is much better suited to our members so we switched our application. And this despite putting in an application to the BBB over 5 weeks ago. With Bounce Back Loans, there are no fees. We have an initial limit on the amount of money we are able to lend as Bounce Back Loans from the British Business Bank. Since then, we’ve lent millions in Bounce Back Loans, mainly to existing members.Â. The Government provides a 100% guarantee to lenders for all eligible Bounce Back Loans, but you remain liable for all the repayments, as well as the interest after the first year. Tide’s approach was to implement a waiting list for the BBLS, while Starling Bank from today will prioritise the applications of existing customers. You can also read more in our FAQ: How to raise a complaint. Our waiting list for Bounce Back Loans is currently closed. The British Business Bank approved Starling for BBL accreditation on 7 May and its applications opened on 11 May 2020. You may only hold one Bounce Back Loan, and with only one lender. For the first 12 months, you won’t pay any interest and you won’t have to make any repayments. For the first 12 months, you won’t pay any interest because the Government will pay it for you. Tide is not a bank, the Tide current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. The Bounce Back Loan Scheme is separate from but similar to the Coronavirus Business Interruption Loan Scheme. In its first day and a half, Starling lent out over £90m to SMEs and committed a total of £120m under the Bounce Back Loan … If you’re concerned you won’t be able to make a repayment on your Bounce Back Loan, let us know as soon as possible by emailing: collections@tide.co We’ll talk over the options and work out a repayment plan. Small lender Tide was initially offering bounce back loans, but announced in early July that it had "paused" lending and closed its waiting list. Updated: 15 May 2020. The Government guarantees 100% of your loan with your lender. Hi @Matt2020, @James2908. UK-based challenger bank Tide announced this week it has paused its bounce back loan lending and closed its waiting list. How is the coronavirus affecting you and your small business? 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