Tide Logo

Start Your Business

Business Accounts

Credit

Business Tools

Support

Tide Logo
Tide Logo
Tide Logo

Manage your existing Bounce Back Loan

The Bounce Back Loan Scheme (BBLS) was a support scheme from the Government, which added to the existing support for small businesses affected by coronavirus.

The scheme has been closed by the Government, so Tide doesn’t offer it anymore.

If you're currently repaying your Bounce Back Loan, find out:

  • More information about your Bounce Back Loan

  • How to issue a statement for your Bounce Back Loan

  • How your Bounce Back Loan repayments work

See what your Bounce Back Loan includes

See what your Bounce Back Loan includes

The scheme has been closed by the Government, so Tide doesn’t offer it anymore.

Your Bounce Back Loan offer

Keep in mind that your loan offer is based on the eligibility of your company and we assess each company separately. So, you can't swap your offer to a different company.

Your Bounce Back Loan interest rate

Like all Bounce Back Loans, you won’t pay any interest for the first 12 months because the Government will pay it for you. After that, the interest rate is fixed at 2.5% p.a.

Withdrawing money with Bounce Back Loan

Withdrawing money with Bounce Back Loan

When you get your Bounce Back Loan offer from us, you may only withdraw once. Given how important this is, we remind you in our app before you withdraw.

We’re sorry you made a mistake but unfortunately, under this Government Scheme, we can’t allow you to withdraw more.

If you believe you weren’t able to withdraw the amount you wanted due to a technical error on our part, message us in the app and we’ll investigate.

Compare your Bounce Back Loan to other schemes

Compare your Bounce Back Loan to other schemes

The scheme has been closed by the Government, so Tide doesn’t offer it anymore.

Bounce Back Loan Scheme (BBLS) vs Coronavirus Business Interruption Loan Scheme (CBILS)

The BBLS was separate from, but similar to, the CBILS. Both loan schemes lent money to businesses via lenders accredited by the British Business Bank.

Small businesses could be eligible for both schemes, but the Bounce Back Loan Scheme aimed to help small businesses borrow smaller amounts more quickly, and with more generous terms.

You can read more about the difference between CBILS and BBLS on the British Business Bank’s website.

Bounce Back Loan Scheme (BBLS) vs Pay As You Grow

Bounce Back Loan Scheme (BBLS) vs Pay As You Grow

BBLS was Government-backed, not Government funded. Whilst it was straightforward for banks, as they have access to the Bank of England’s funds, non-banks like Tide had to raise their funds to lend to offer this scheme.

For this reason, and as previously communicated, Tide is not offering Pay As You Grow options (PAYG), as it would have to finance the extension of BBLS repayment terms itself, without access to Bank of England or other Government funding.

We are however open to discussing alternative arrangements and repayment plans to help our members who are facing financial difficulty. Any variation to the original repayment schedule is subject to Tide’s internal policies. Members can contact support at collections@tide.co

Issue a statement for your Bounce Back Loan

Issue a statement for your Bounce Back Loan

You can do so by tapping:

  • Finance > scroll down to Bounce Back Loan Scheme

  • Manage > Bounce Back Loan Statements

Repaying your Bounce Back Loan

Repaying your Bounce Back Loan

Your repayments will be taken automatically from your Tide account each month. It doesn’t matter if you use another business account for your banking – you must make sure there’s enough money in your Tide account when your repayments are due.

Repay your Bounce Back Loan early

If you no longer need the loan, you can choose to pay it back early, meaning you’ll pay less interest. To do so, tap:

  • Finance > scroll down to Bounce Back Loan Scheme

  • Manage > Make an early repayment

There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-months.

You can also make a one-off repayment, that will help save you money on your interest payments.

What to do if you've missed a repayment

What to do if you've missed a repayment

If you've missed a payment, you'll have 30 days from the date of the first missed instalment to pay it. You can make the payment, by depositing money into your account.

If you're struggling to make your repayments

If you’re having concerns about meeting your monthly repayments, don't worry. Just tap Support in your app, or email collections@tide.co to let us know. We’ll talk over the options and work out a repayment plan.

More help if you need it

You can contact the following organisations for free debt advice: