5 minute read
Don’t dream it, Swoop it
from Swoop: Funding your SME: how to survive the recession, grow your business and boost your cashflow
We asked Swoop’s team to tell us what makes their service so effective. Here’s what they said, in four parts
1. Swoop supports businesses by showing them their options – but we don’t swamp our customers with irrelevant information.
Thanks to open banking technology, Swoop can find the products and services that customers need, giving them access to the best deals in the market and matching them with products they’re qualified for.
If a business needs a loan quickly, for example, our platform will show the amounts for which the customer is pre-approved through various funders.
With more than a thousand lenders in the market, Swoop uses APIs to share data securely, showing customers which products are an ideal fit for them.
2. We help businesses get into shape.
Swoop constantly pushes for the market to meet the needs of SMEs better. We’re our customers’ “unfair advantage” when it comes to negotiating a better deal.
We’ve also been encouraging our customers to know their credit score (see survey box opposite). This provides a snapshot of a business’s financial health and it is used by lenders and other companies to assess your suitability for a product.
Customers with a good credit score will get better deals on borrowing, energy and other financial products. swoopfunding.com/uk/businesscredit-scores/
According to Swoop’s research, the number of businesses checking their credit score in the past 12 months has leapt from 30% in 2021 to 88% in 2022.
For customers seeking equity investment, one of the equity team’s skills is helping to put pitch decks together that will encourage investors to buy part of the business. swoopfunding.com/uk/blog/thefive-things-that-make-a-businessinvestable
At Swoop, we are committed to
helping our customers get the deal that’s right for them. We work hard to build long-term relationships with customers, who see us as their trusted partner in navigating the complex world of business finance.
3. Swoop genuinely cares about businesses and wants to empower SMEs to make the right financial decisions. But we’re a business too – and are transparent about how we earn our fees.
Swoop makes most of its money through referral fees. These are usually set by the lender.
Approaching the lender directly wouldn’t normally benefit the customer, as these fees would be paid to the agent who completed the deal. On top of that, customers would lose out on other deals in the market, the convenience of using one platform for all their funding and the speed of completing applications with Swoop’s technology. Swoop’s aim is to give customers the right information and to help them connect with lenders without it costing them anything. For more information, see: swoopfunding.com/disclosure
4. Free tools, calculators, access to webinars/ events, free credit score checks, finding the best tailored solutions, etc.
Swoop has loads of resources to help businesses. These include:
• Take the Plunge, Swoop’s inspirational podcast that meets business founders and finds out what made them start their own business: Swoop Podcasts
• Free-to-attend webinars that cover hot topics, ranging from the Recovery Loan Scheme to government budget statements:
Swoop Webinars
• Calculators to help you understand how much you can borrow, commercial mortgages, superdeductions and more:
Business loan calculator
Commercial mortgage calculator
Super-deduction calculator
• Our regular newsletter keeps customers up to speed with what’s happening in the market, gives tips on managing cashflow and highlights upcoming events and educational resources:
Subscribe to the newsletter
• We believe in educating our customers rather than acting as a gatekeeper. Our in-house experts regularly update our growing library of guides to the financial products available: Swoop blog
Swoop knowledge hub
Business survey standouts
Swoop’s State of Business Survey 2022 illustrates how the company’s reputation has soared in the past year.
In 2021, practically the same survey drew fewer than 100 responses. This time 1,674 SME owners took part.
For Swoop CEO Andrea Reynolds, two results in particular stood out. “The first is that 68% still see accessing funding as being a key barrier to growth,” she says.
“I think the perception – when there’s been volatility in the markets and perhaps their bank is saying no to a loan – is that this barrier is only increasing, and that is not the case.
“There is a huge amount of credit available in the market for businesses. And one of the good things that remained from the mini-budget statement was an increase in the SEIS investment allowance up to £250,000.”
Another sign of the times, she says, “is businesses are becoming more aware of their credit score, which is a great thing. Just as you have your personal credit score, your business also has a credit score, and that can significantly impact whether you get funding or not.
“Why are platforms like Swoop good? Well, we don’t hit your credit score. If you go out to multiple lenders in one go and apply simultaneously, they’re all hitting your credit score.
“So, I would say to businesses, don’t be concerned if you have a poor credit score. It’s something that we help our businesses repair very quickly, so that they can go back out to the market and look for credit.”
Download the survey results
START YOUR FUNDING JOURNEY TODAY.
Swoop can help you keep your cashflow healthy through:
Giving you access to grants, loans, equity and property finance; Making savings on everyday costs such as banking, foreign exchange and utilities; Helping you get a better deal by refinancing existing loans.
Sign up for free and discover your funding options:
During COVID-19 I needed to apply for the loan scheme, my accountant suggested to contact Swoop finance and within a couple of days the process was underway, and after a couple weeks the loan was in my account. Perfect guidance and not once did I feel like just another number.
