Tide welcomes BBB move on Covid loan scheme

Source: Tide

Commenting on the British Business Banks’ decision to open-up applications for accredited lenders for the Coronavirus Business Interruption Loan Scheme, Oliver Prill, CEO of Tide, said: “We are delighted that the British Business Bank (BBB) has listened to the fintech sector, including Tide, and opened up its accreditation process for lenders of the Coronavirus Business Interruption Loan Scheme (CBILS).

“Considering the overwhelming interest lenders have had since the scheme opened yesterday (Monday 23 March), it’s important new lenders are on-boarded quickly to deal with the demand. Tide is still yet to receive a response to our registration of interest.

“There is a concern that the BBB is very stretched and so we urgently call on the government to ensure that it is adequately resourced and that management is setting the right priorities.

“Small companies are crucial to the UK economy and immediate emergency access should be given to all SME lenders as a ‘whatever it takes’ measure. London is the world’s leading fintech hub and we hope that talent, innovation and entrepreneurial spirit can now help SMEs across the UK.”

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