Tide sets up arms-length charitable giving unit

Source: Tide

Tide Charity, which has launched today in a fundraising phase, will donate grants to small businesses at risk, as well as offering support and guidance to help business owners meet the challenges ahead.

Tide Charity is a separate entity to Tide, the business banking platform, however Tide will cover operational costs for the charity.

With small businesses having been hit extremely hard by the coronavirus crisis, facing severe hardship again in the face of another lockdown, and a very uncertain future beyond that, Tide felt compelled to do something to help those in greatest need. The Tide Charity will donate grants of £1,000 to small businesses to help them avoid collapse and get back on their feet.

Research undertaken by the charity reveals that the heartwarming community spirit many of us have felt over the course of this pandemic is indeed alive and people, particularly fellow small business owners, want to help those at risk where they can. 80% of small business leaders surveyed said they wanted to support other businesses in their community, both financially and with advice and guidance. The primary reason for this is that business owners believe supporting another local business will help their community as a whole, with over three quarters agreeing (76%).* The Tide Charity wants to harness this spirit to bring people together and offer much needed help.

Anyone who is passionate about supporting at-risk small businesses is encouraged to donate via the Tide Charity website - www.tidecharity.org.uk. The charity is currently in the fundraising phase before opening applications for grants.

The charity is being launched in partnership with the Daily Mail and the Federation of Small Businesses, with Karren Brady also on board to give much needed guidance to help small businesses navigate the challenges they are facing.

Oliver Prill, Tide Charity trustee and Tide CEO said: “We want to harness the brilliant community spirit we have seen as a result of the crisis and bring people together to support small businesses in need. The Tide Charity will not be able to help all small businesses financially, so we are pleased to offer support in the form of expert guidance as well, to help people through the challenges ahead. We are delighted to have Karren Brady, the Daily Mail and the Federation of Small Businesses on board to help us with this.”

Karren Brady said: “The Tide Charity couldn’t be more needed than it is right now. I have been saddened to see the devastating impact the crisis has had on small businesses and so I’m delighted to be involved in such an important project. I’m looking forward to engaging with small business owners and doing what I can to use my experience to give some guidance to help them find a way through the issues they are battling with.”

Geordie Greig, editor of the Daily Mail, said: “We are supporting this campaign because we want to do everything possible to help small businesses who are experiencing such challenging circumstances. As a business, we have already given £5m of financial aid to SMEs and partnering with Tide reaffirms our commitment to the SMEs who are the heart of our economy.”

Federation of Small Businesses (FSB) National Chairman, Mike Cherry, said: “These are very difficult times for many small businesses and the self-employed, who are working hard to keep their businesses going through the COVID crisis. Many have suffered a devastating financial impact and desperately need support to help them survive, so they can continue to contribute to the economy and provide crucial jobs and services. This new fund will give financial help to some of those most in need, and therefore is an extremely welcome gesture.”

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