The BBLS is a government-backed emergency loans scheme designed to aid struggling small businesses hurt by Covid-19 with loans of up to GBP 50,000. Starling Bank and Tide are two fintechs which offered loans under the scheme, though both encountered problems with the scheme. In July 2020, after hitting its GBP 50 million lending cap, Tide was unable to raise additional capital to keep lending and shut its scheme. Starling, meanwhile, faced a backlash after it stopped accepting new sole trader business accounts.
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