Tide pauses its Bounce Back Loan Scheme

Friday 10 July 2020 10:25 CET | News

Tide has announced, in a letter to its 150.000 SME customers, that it would not be resuming its Bounce Back Loan Scheme (BBLS).

Tide initially slowed and then paused its bounce back loans in June 2020, after reaching around USD 62 million in lending, so it was said that Tide would need to raise over USD 125 million in additional funds to fulfil the volume of loans being requested by the fintech’s customers.

In the letter it was mentioned that in the BBLS, while the loans are 100% backed by the government, cash to fund the loans is not being provided by the state. Therefore, Tide will now campaign for the government to provide such funding, so that it can restart its bounce back lending. 

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Keywords: TIde, Bounce Back Loans, SMEs, BBLS, loans, fintech
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech