- Tide's Coronavirus Government Support Eligibility Checker will tell businesses which support schemes they are eligible for
- This service will be offered for free on the Tide website and on the FSB website.
The Federation of Small Businesses (FSB) is partnering with Tide, the UK’s leading business banking platform[1], that has today announced the launch of its Coronavirus Government Support Eligibility Checker to help SMEs get access to the financial aid they need during this time of crisis.
The Eligibility Checker is available for free on the Federation of Small Businesses (FSB)’s website, as an addition to FSB’s established commitment to increasing its members’ access to finance. It is also available on the Tide website.
With over 150,000 SME members, Tide has been contacted by a huge number of business owners stating they are confused about the financial support the government has announced, what they are eligible for and how they can apply. The Coronavirus Government Support Eligibility Checker will help SMEs to cut through the noise and identify the financial help available to them, as well as pointing them in the right direction to access that support.
Tide’s research has revealed that three quarters (75%) of the UKs SMEs had already been negatively impacted by the COVID-19 crisis by the end of March 2020, with a quarter (24%) stating that their revenue has dropped by 100% since the government lockdown came into force. Rapid access to funding is therefore crucial to these businesses' survival.
Oliver Prill, Tide CEO said: “The COVID-19 crisis will have a severe and potentially long-term impact on the UK’s SME community and so it is crucial that we do all we can to help as many small businesses weather this storm as possible.
The UK government has announced a very generous package of measures to give financial support to SMEs, however the distribution of these funds is unclear and is not happening quickly enough. Tide is dedicated to serving the SME sector and so we hope the COVID-19 Business Support Finder will help business owners to get the help they need.”
Tide has submitted an Expression of Interest to become accredited as a provider of the Coronavirus Business Interruption Loan Scheme to deliver cash directly to members and is still waiting to be invited to make an application. Tide has also been sharing news and insights with members via a Coronavirus assistance hub.
Notes to editors
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,000 senior decision makers in small businesses (0-49 employees). Fieldwork was undertaken between 31st March - 3rd April 2020. The survey was carried out online. The figures have been weighted and are representative of British business size.
About Tide:
Tide’s mission is to help SMEs save time (and money) in the running of their businesses. The Tide platform not only offers business accounts and related banking services, but also a comprehensive set of highly usable administrative solutions, such as full integration with accounting systems. Using advanced technology, all solutions are designed with SMEs in mind. Tide is now the emerging leader in SME challenger banking in the UK. Tide believes that truly serving SMEs well requires relentless focus on their needs. That is why Tide is SME only.
Since it was founded in 2015 and launched in 2017, Tide has raised investment from major backers including Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SpeedInvest and The SBI Group.
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About FSB
As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.