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Swoop Funding Review: Pros, Cons, and How to Apply

Most small business owners require financing at some point, whether through loans, equity financing, or grants. Deciding which funding platform to use and what type of financing to pursue is a significant decision.

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One potential option is Swoop Funding, which offers a range of products tailored to meet businesses’ diverse funding needs. The company aims to simplify entrepreneurs’ financial landscape from loans to grants and everything in between. With a user-friendly platform and personalized guidance, they strive to make accessing funding solutions hassle-free.

However, it might not be the best fit for every small business. This guide explores how Swoop Funding works, including the benefits, drawbacks, and application process, to help you make an informed decision.

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    What is Swoop Funding?

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    Swoop Funding, a UK-based company, was founded in 2018 by Andrea Reynolds and Ciaran Burke. Its services are available in the UK, the US, and other nations. As a credit broker, Swoop does not directly provide loans or other finance products.

    The company specializes in business funding, offering services like business loans, equity finance, research and development (R&D) tax credits, and business finance solutions. Despite being based in the UK, Swoop Funding extends its services globally, including the United States.

    In the US, Swoop Funding has established offices to serve small business owners seeking financial support. The company aims to assist US entrepreneurs by providing them with access to various funding options tailored to their specific needs.

    How does Swoop Funding work?

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    Swoop Funding offers a smart matching service that connects small business owners with various funding options. It specializes in providing business loans, equity funding, and merchant cash advances. By partnering with a network of commercial lenders, Swoop Funding ensures businesses can access the financing they need.

    How the Platform Works

    Swoop Funding operates as a credit broker, leveraging advanced technology to match small business owners with suitable funding solutions. The platform streamlines the application process by collecting relevant information from applicants and using it to identify the most appropriate lenders.

    • The platform analyzes factors such as credit history, revenue projections, and business type to determine eligibility.
    • Once matched with potential lenders, small business owners can review offers and select the one that best fits their needs.

    Small Business Loan Products

    Swoop Funding’s small business loan products (debt financing) cater to businesses’ diverse needs. They offer flexible terms, competitive rates, and quick approval processes. These loans are tailored to help companies grow, manage business cash flow, or invest in new opportunities.

    Swoop Funding provides loans ranging from $5,000 to $500,000 to small businesses in the US. The small business loans available through Swoop Funding’s lender network include:

    SBA loans: Swoop Funding offers SBA loans to small businesses seeking financing options. These loans can provide low interest rates and longer repayment terms, making them attractive options for entrepreneurs needing capital. Swoop Funding streamlines the application process, making it easier for small businesses to access the funding they need to grow and succeed.

    Small Business Term Loans: The brokerage facilitates small business term loans with flexible repayment terms and competitive interest rates to help businesses access the funding they need to grow and thrive. With quick approval processes and personalized loan options, Swoop Funding makes it easy for small businesses to secure the financing they need to reach their goals.

    Business line of credit: It also offers a flexible business line of credit that allows small businesses to access funds as needed, providing a safety net for unexpected expenses or opportunities.

    Equipment Financing: The company provides equipment financing options through equipment loans and leases. This allows small businesses to acquire the necessary equipment to grow and operate efficiently without making a significant upfront investment.

    merchant cash advance: Swoop Funding offers a merchant cash advance product that provides small businesses with quick access to capital by advancing funds based on future credit card sales. This alternative financing option allows companies to receive funding without the need for collateral or a lengthy approval process, making it ideal for businesses needing immediate cash flow solutions.

    Accounts Receivable Financing: This is a type of small business loan that allows companies to borrow against the money owed to them by customers. This financing option can help businesses improve cash flow by providing access to funds tied up in outstanding invoices. It is a common way for businesses to manage their working capital and address short-term financial needs.

    Swoop Funding’s network also provides a vast range of specialized loans, including loans for veterans and minorities, asset finance, cash flow loans, mezzanine financing, and much more.

    Equity Financing

    Swoop Funding offers access to equity financing through its network of investors and venture capital firms. By connecting small businesses with potential investors, Swoop Funding helps entrepreneurs secure the funding they need to grow and expand their operations.

    This type of financing allows businesses to access capital without taking on additional debt, giving them the flexibility to pursue new opportunities and scale their business effectively. Swoop Funding’s platform streamlines the process of connecting companies with investors, making it easier for entrepreneurs to access the equity financing they need to succeed.

    Small Business Grants

    Small business owners looking for financial support may benefit from exploring small business grants offered through Swoop Funding. It provides access to various grant opportunities to help entrepreneurs fund their business ventures without additional debt.

    These grants can be a valuable funding source for small businesses looking to grow and expand their operations. By leveraging small business grants through Swoop Funding, entrepreneurs can access the capital needed to achieve their business goals and drive success.

    What are the qualifications for Swoop Funding?

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    The exact qualifications depend on the specific loan program. Generally, businesses should meet the following minimums to qualify for small business loans through Swoop Funding:

    • Minimum credit score: Typically 600 or above.
    • Annual Revenue: $50k – $100k, depending on the program.
    • Time in Business: 6 months – 1 year, depending on the program.

    In addition, your business must be registered and operating in the United States. A solid business plan and financial projections can also help strengthen your application for a small business loan through Swoop Funding.

    For Swoop Finding, You Need to Know That:

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    As a credit broker, Swoop Funding acts as an intermediary between small business owners, its business partners, and financial institutions. Its primary goal is to facilitate connections that benefit both parties. By understanding each business’s unique requirements, Swoop Funding ensures owners receive tailored financial solutions that align with their goals.

    The company does not provide direct funding. Instead, it matches customers to potential options, who can decide which products or services to use. While it doesn’t fund loans or negotiate deals, it does have some influence over interest rates with specific lenders.

    It primarily earns money from a commission on loans and products. That commission can be a flat fee or a percentage of the loan amount. Swoop Funding does not charge any upfront fees for submitting funding applications. You can explore your financing options with them at no cost, ensuring transparency and trust throughout the process.

    The company’s lender network includes both traditional banks and alternative lenders. This diversity helps small business owners find the most suitable financing option for their qualifications.

    Swoop Funding offers its services to a wide range of industries and business sizes. Whether you are a small startup or an established corporation, Swoop Funding can assist you in finding suitable funding options tailored to your specific needs and requirements.

    Swoop Funding prioritizes security by using encryption technology to protect sensitive information and ensure compliance with industry regulations. They also implement multi-factor authentication to prevent unauthorized access to their platform, providing users with peace of mind when using their services.

    As a brokerage, Swoop Funding offers a business loan affiliate program called Swoop for Brokers. ISOs and business loan brokers can register with the company to learn more about offering its financing products to their small business clients.

    How do I apply to Swoop Funding?

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    Here are the steps to follow to apply for financing through Swoop Funding.

    Step 1- Register an Account

    Start the process by visiting the official Swoop Funding website. Click the Get Started or Book a Call button. Next, indicate if you’re starting a business, looking to grow your business, or need cash flow. You can also indicate if you’re unsure about your funding needs.

    Providing this information will take you to the account registration page. Fill out the form to provide information such as:

    • Your business name.
    • Country where your business is located.
    • Type of business entity.
    • Industry.
    • The amount of funding you need.
    • The date you need the funding.
    • Reasons for the funding.
    • Your first and last name.
    • Business phone number.
    • Business email.

    Finally, the last part of the form is selecting your password.

    Step 2 – Prepare Required Documents

    Prepare necessary documents such as your business plan, financial statements, and any other relevant paperwork required by Swoop Funding. After you submit your application and documents, the Swoop team will review them within a few days. If needed, they may contact you for additional information.

    Step 3 – Provide Additional Information

    After completing the first page and registering your account, you’ll provide additional information about your business. You’ll indicate your company’s revenue, describe your funding needs, and provide additional information that will help Swoop match you to the right program.

    Step 4 – Connect Your Accounting Software & Bank Account

    Once you arrive on your account dashboard, you can connect your business bank account and accounting software (if applicable). Swoop uses information from business bank accounts to verify your financials and help match you to the best funding program. Registered users can access the company’s Smart Matching technology through this dashboard.

    Step 5 – Decision and Funding

    Swoop Funding’s platform will provide options once you enter the required information on the dashboard. It provides tools to compare each option and find the one that best suits your needs. Once you select a funding option, you can finish the application process with the funder.

    Swoop Funding – Post Funding:

    After securing funding through Swoop Funding, businesses enter the post-funding phase, where they can use the funds to achieve their growth and expansion goals. This phase is crucial as it requires careful planning and execution to ensure the capital is used effectively.

    Swoop Funding offers ongoing support and guidance to help businesses maximize their loans, whether for purchasing equipment, hiring new employees, or investing in marketing efforts. By leveraging Swoop Funding’s resources and expertise, businesses can confidently navigate the post-funding period and drive sustainable growth.

    What are the advantages of Swoop Funding?

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    Swoop Funding offers small business owners a range of benefits when it comes to securing the right funding for their ventures. One significant advantage is the smart matching service, which helps connect businesses with suitable funding options tailored to their needs. This personalized approach increases the chances of small businesses obtaining the necessary funds.

    Swoop Funding streamlines the process of accessing business loans, making it easier and quicker for entrepreneurs to secure the financial support they require. By simplifying the application process and offering a vast network of partners, Swoop Funding ensures that small business owners can find suitable funding solutions efficiently.

    One key benefit of using Swoop Funding for small business loans is access to diverse funding sources, including grants, equity financing, and traditional loans. This variety allows business owners to explore different options and choose the most suitable form of financing for their specific requirements.

    Moreover, Swoop Funding provides transparency regarding fees associated with various funding options, enabling business owners to make informed decisions about their finances. This clarity helps avoid any unexpected costs or hidden charges that could impact the overall financial health of a small business.

    What are the disadvantages of Swoop Funding?

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    Despite its benefits, Swoop Funding also comes with certain drawbacks that users should be aware of. One significant disadvantage is the potential for high interest rates associated with the funding. This can significantly increase the overall cost of borrowing money through Swoop Funding.

    Another drawback is the limited eligibility criteria for obtaining funding through Swoop. Small businesses or startups that do not meet specific requirements may find accessing funding through this platform challenging. This limitation can hinder growth opportunities for those who do not qualify.

    The Swoop Funding application process can be time-consuming and complex. Users may need to provide extensive documentation and undergo a rigorous evaluation, which can delay the funding acquisition process. This lengthy procedure can be frustrating for businesses needing financial support.

    Moreover, some users have reported issues with customer support when dealing with problems or inquiries related to their funding applications. Poor customer service can lead to delays in resolving issues and create a negative experience for users relying on Swoop Funding for financial assistance.

    Furthermore, the lack of flexibility in repayment terms is another downside of using Swoop Funding. Users may find themselves locked into rigid repayment schedules that do not align with their cash flow needs or business cycles. This lack of adaptability can put additional strain on businesses already facing financial challenges.

    Swoop Funding Pros & Cons

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    Pros:

    • Quick access to funding.
    • Easy online application process.
    • Competitive interest rates.
    • Flexible repayment options.
    • Personalized financial solutions.

    Cons:

    • Limited to businesses in certain industries.
    • May require collateral for larger loans.
    • Potential for high fees or hidden costs.
    • Not available in all regions.
    • Limited customer support options.

    Apply for business funding through United Capital Source today.

    Swoop Funding Frequently Asked Questions

    Is Swoop Funding legit?

    Swoop Funding is a legitimate platform that provides funding solutions for businesses. With a track record of assisting numerous companies, it has gained credibility in the financial industry.

    Business owners can rely on Swoop Funding to access various funding options tailored to their needs. The platform partners with reputable lenders, ensuring transparency and security for all transactions.

    What do Swoop Funding reviews typically focus on?

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    Swoop Funding has generally favorable reviews, including a 4.9 out of 5 rating on 345 Trustpilot reviews. Here’s what customers have to say about the credit broker.

    Swoop Funding reviews often highlight the ease of access to various equity funding options for businesses. Users appreciate the platform’s ability to streamline the process of finding suitable business funding schemes. The reviews frequently mention how Swoop Funding assists in developing a robust business plan to attract potential investors.

    Users also praise Swoop Funding for its comprehensive approach to finance, offering guidance on different aspects such as equity and credit checks. The platform’s support in navigating complex financial matters is a common theme in positive reviews. Reviewers often mention the competitive interest rates and favorable terms provided by Swoop Funding.

    Negative reviews for Swoop Funding often highlight issues with customer service, slow response times, and high fees. Customers have expressed frustration with the lack of transparency in the loan process and difficulty in getting clear information about rates and terms.

    Some reviewers have also mentioned feeling misled by the company’s advertising and promotions, leading to disappointment with the overall experience. Overall, negative reviews for Swoop Funding tend to focus on communication issues, hidden fees, and unmet expectations.

    What if Swoop Funding denies me?

    Swoop Funding attempts to connect small business owners with funding options that best meet their needs and qualifications. If you didn’t receive any offers, it could be because you did not provide enough information for their smart matching tool or there are no lenders in their network that match your criteria.

    If you receive a denial from Swoop Funding, it doesn’t necessarily mean the end of your funding journey. Evaluate the reasons behind the rejection and consider other avenues that may better suit your current situation. Remember, being denied by one lender does not signify the end of opportunities; it’s about finding the right fit for your financial needs.

    While facing rejection from Swoop Funding can be disheartening, it presents an opportunity to reassess your financial strategy and discover more tailored solutions that align with your unique circumstances. By remaining proactive and exploring various funding avenues, you increase your chances of securing the necessary capital for your business endeavors.

    Alternative Lending Options

    Fortunately, many small business lenders and alternative lending marketplaces (like UCS) may be a better fit for your needs. You may be interested in one of the following small business loans:

    Making Your Decision

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    While it offers various advantages, like quick access to funds and a streamlined application process, it also has drawbacks, such as potentially high interest rates. By weighing these pros and cons carefully, you can determine if Swoop Funding aligns with your goals and financial situation. Remember to apply with all necessary documentation to improve your chances of approval.

    Swoop Funding may be best suited for business owners who want to explore all potential funding options. The platform provides a convenient tool to find and compare small business loan lenders, equity financing partners, and even small business grants. Small business owners with a clearer understanding of their funding needs might find a more streamlined lender or marketplace that is more conducive to their needs.

    Based on the available information, we rate Swoop Funding 3.9 out of 5. It’s a solid option for researching potential business funding programs but has limitations.

    Disclaimer: The Swoop Funding trademark is owned by Swoop Finance Ltd., and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Swoop Finance Ltd.

    Apply for business funding through United Capital Source today.

    Why Choose United Capital Source?

    Why businesses choose UCS:

    1
    Quick funding options that won’t affect credit
    2
    Access to 75+ lenders with multiple products to choose from
    3
    Financing up to $5 million in as few as 3 days
    4
    1500+ 5 star reviews from happy clients!

    Ready to grow your business? See how much you qualify for:

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        Current monthly sales deposit average to your business bank account?

        How much Working Capital would you like for your business?

        At UCS, we understand the value of your time and want to ensure that your application has a great chance of approval. Please take note of the following details before applying:
        • To be eligible, it’s necessary to have a business bank account with a well-established U.S. bank such as Chase, Wells Fargo, Bank of America, Citibank, or other major banks. Unfortunately, online-based bank accounts like PayPal, Chime, CashApp, etc., are not permitted.
        • When describing your current average monthly sales deposits to your business bank account, please provide accurate information. Our approval process is based on your current business performance, and it’s essential to provide accurate details about your current sales in the first question on the application form. We cannot approve applications based on projected revenues after receiving funding.
        We appreciate your understanding and cooperation in ensuring a smooth and successful application process.
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        1500+ 5 star reviews

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