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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, this guide shows you how to:

🔗 Compare your Bounce Back Loan to other schemes

🔗 Issue a statement for your Bounce Back Loan

🔗 Repay your Bounce Back Loan

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.

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.

Pay As You Grow

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 if you're facing financial difficulty. Any variation to the original repayment schedule is subject to Tide’s internal policies. You can contact our dedicated team at collections@tide.co for support.

Issue a statement for your Bounce Back Loan

Issue a statement for your Bounce Back Loan

  1. Tap Finance > scroll down to Bounce Back Loan Scheme

  2. Tap 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. You must make sure there’s enough money in your Tide account when your repayments are due.

Repaying 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:

  1. Tap Finance > scroll down to Bounce Back Loan Scheme

  2. Tap 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.

More help if you need it

You can contact the following organisations for free debt advice:

Tide | Do what you love.
Tide Platform Limited (Tide) designs and operates the Tide website and app. Tide is not a bank. Tide is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 under firm reference number 900843 for the issuing of electronic money and the provision of payment initiation services and account information services under the Payment Services Regulations 2017. Tide is also authorised and regulated by the Financial Conduct Authority in relation to its credit and insurance broking activities (firm reference 718743). Tide is incorporated and registered in England and Wales with company number 09595646 and registered office at 4th Floor The Featherstone Building, 66 City Road, London, EC1Y 2AL. Tide offers bank accounts powered by ClearBank® Ltd (ClearBank) (account sort code is 04-06-05). ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 754568. Eligible deposits with ClearBank are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. For further information visit Home. ClearBank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Registered Address: ClearBank, Level 27, The Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW. Eligible deposits held in the Tide Business Current Account (powered by ClearBank) are covered by the Financial Services Compensation Scheme (“FSCS”) subject to eligibility. All eligible deposits at the same bank are aggregated to determine the coverage level for each depositor up to £120,000, therefore if you have any other product/services with ClearBank these will be aggregated. To find out more and to check your eligibility please visit: About us . Some of Tide’s members also hold e-money accounts powered by PrePay Technologies Limited (PPT) (account sort code is 23-69-72). PPT is an electronic money institution authorised by the FCA under the Electronic Money Regulations 2011 under firm reference number 900010 for the issuing of electronic money. PPT holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives members protection against PPT’ insolvency. Tide Cards may be issued by both Tide and PPT, who are licensed by Mastercard International for the issuance of cards. The issuer of your Tide card will be identified on your monthly card statement. Tide Capital Limited is an appointed representative of P1 Investment Services Limited which is authorised and regulated by the Financial Conduct Authority under firm reference number 752005 to carry out such regulated activities as are involved in the provision of Tide Investment Account. Seccl Custody Limited is the custodian of assets held in Tide Investment Account and is authorised and regulated by the Financial Conduct Authority (firm reference number 793200) and registered in England and Wales under No. 10430958. Registered office 20 Manvers Street, Bath BA1 1JW. Tide, the Tide logo, the Swell, and Do Less Banking are trademarks and trade names of Tide Platform Limited, and may not be used or reproduced without the consent of the owner.