Lots of clients have been asking us “Can I apply for the Recovery Loan Scheme With Tide Bank”?
Well as of 2nd August, Tide Bank have not yet been accredited under the RLS scheme by the British Business Bank. There is also nothing on the Tide website to indicate that they are planning to start offer the Covid Recovery loan scheme either.
This is not surprising, as it was difficult to get either the previous Covid support loans Bounce Back Loan or CBILS loans from Tide.
However Tide banking customers can still apply for the Recover Loan Scheme, there are a large number of alternative providers to apply with.
Lets explore them options below.
How Can Tide Bank Customers Apply For The Recovery Loan Scheme (RLS)?
If you have a business bank account with Tide, you can still apply for the Recovery Loan Scheme with another Bank or lender.
Provided you meet the required criteria below, there are a number of approved lenders open for applications.
You will likely need to provide the details of your Tide account by downloading your statements or via Open Banking. Tide make it very easy to download a PDF copy of your monthly bank statement via their mobile app.
Key features of the scheme
The loan offered by alternative lenders varies between providers, however typical features include:
- Borrow £25,001 to £2 million
- Terms of 3 months to 6 years
- Some providers offer an interest free period of 6-12 months
- Typical annual interest rates of 7% – 14.99%
Criteria To Apply
Although the criteria varies between lenders, to apply for a loan you will likely need to meet the following criteria:
- Turnover under £45 million
- Maximum of £2 million per business (max amount per Group limited to £6m)
- Trading for two years
- You must be trading within the UK
- You must of been impacted by Covid-19
If you already have a Bounce Back Loan or Coronavirus Business Interruption Loan Scheme (CBILS), you can still apply subject to affordability checks.
Can I apply for a Bounce Back Loan With Tide Bank?
The bounce back loan scheme has now ended and has been replaced by the Recovery Loan Scheme. As discussed above Tide do not offer the scheme currently.
Other articles about RLS & Government Backed Loans:
Summary: Apply For A RLS Loan With Tide Bank Account
In summary, Tide business bank account customers cannot apply directly with Tide for the Recovery Loan Scheme. However you can still apply for an RLS loan with a number of alternative providers.
As an independent commercial finance brokers, we can assess which funders you are eligible to apply with. Then we will process your application on your behalf, guiding you through the whole process to successful pay-out.
We do not charge any broker fees for this service.
To speak with one of our RLS brokers, please call 0161 5469128 or fill in the form below.