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As with all new features, we need to make sure we scale effectively and offer the best experience for our members to access the loans. As always, we beta-launched with a select number of limited companies who had been a member of Tide for a while, before making the loans available more widely.
The first batch received offers of Bounce Back Loans from us on 19 May. Since going live, we’ve been learning and improving our Bounce Back Loans and getting ready to ramp up.
We’re now working through our waiting list as quickly as we can. Unfortunately, we still can’t guarantee everyone who registers will be able to get a loan from us but we’re working hard to make the loans available to as many of you as possible, as well as providing more clarity on timelines. We believe that over the upcoming days and weeks we will be able to issue substantial volumes of Bounce Back Loans to our members.
We understand that there are concerns around sole traders accessing Bounce Back Loans. Recent legal changes mean that we’re now allowed to lend to sole traders and we’re working to make these loans available to our sole trader members as soon as possible.