We’re sorry you’ve had to wait. We only decided to pause lending on 7 July and as soon as we made the decision, we told our members.
Since we became accredited in May, we’ve been negotiating with many financial institutions to secure funding for our Bounce Back Loans. And for weeks, we’ve been campaigning for the Government to adjust the design of the Bounce Back Loan Scheme so that lenders like Tide can receive funding directly from the Government. These negotiations are complex and we’re sorry we haven’t been able to proceed faster.
On 7 July, we weren’t able to secure the funding we needed. We’re devastated. We decided to pause lending and we told our members immediately.
The Government hasn’t yet made a decision to change the Scheme but we’re hopeful this will happen soon.