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Tide goes on war footing as Covid-19 spreads fear and loathing in SME sector

Tide goes on war footing as Covid-19 spreads fear and loathing in SME sector

Small business banking platform Tide has informed users that they may face a delay in response times in the early days of the Cornavirus crisis, as it deals with a significant uptick in queries from worried business owners.

The UK Government has introduced a series of financial support packages to assist small and medium-sized businesses as they deal with the destructive impact of the coronavirus.

Tide, one of a number of new banking platforms set up to deliver financial services to the UK's SME sector, is pulling out all the stops to act as an information resource to its user base of small business owners, contractors, freelancers or sole-traders.

From sifting through the media coverage to find reliable and accurate information on developments impacting small businesses, to liaising with authorities over access to Government aid, grants and loans, Tide has moved on to a war footing in the face of the Covid-19 epidemic.

"We already work with the authorities to look after your best interests and we’re stepping up this work during the crisis," says CEO Oliver Prill is a message to its 150,000 users. "Our employees are also affected by this unprecedented public health crisis. They’re rising to the challenge and I know they’ll do their best to serve you. Please forgive us if at times we’re busy dealing with so many queries that there’s a delay in our response times. As you can understand, many members have questions or concerns and we’re helping everyone as swiftly as we can."

Small business lender OakNorth is also piling in. Nick Lee, head of regulatory affairs at OakNorth comments: "We need to rip up the old rule books and we need to get the emergency funding announced by the Chancellor into successful businesses now. Emergency funds directly from the BoE via UK banks to their clients by next week. Time is critical."

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