One of the major issues faced by small businesses is securing financing for growth and expansion. Traditional banks usually ask for a good credit score and/or collateral for the loan which disqualifies many small businesses. This is where alternative business lenders like Swoop Funding step in. 

Swoop Funding is a specialized business loan broker that works with banks and alternative lenders. They offer a loan search platform where small businesses can look for funding options. The financing options offered by the company include loans, equity funding and grants.

In this article, we will explore what the platform provides, how to apply, and what customers of the company have to say. By reading this comprehensive review of the company, you can decide if Swoop Funding is the right fit for your business’s financial needs.

Swoop Funding Breakdown:

• Official Name: Swoop Funding
• Website: https://swoopfunding.com/ca/
• Location: Toronto, Canada
• Phone Number: 1 647-946-3001
• Email: canada@swoopfunding.com
• Google Reviews: 4.9/5 stars (8 reviews)
• Trustpilot: 5/5 stars (370+ reviews)
• Swoop Funding is a loan broker that matches loan seekers with the most relevant solutions across loans, equity investment, and grants.

Swoop Funding’s services are similar to what Loans Canada offers. To learn more about Loans Canada, read their review from Inflation Calculator.

Services Offered by Swoop Funding

Swoop Funding’s core services revolve around various funding requirements a business may require such as working capital loans, growth capital, or grants. Here’s an outline of their main offerings:

Debt Financing

For businesses in need of immediate funds, Swoop Funding provides debt financing products like; term loans, business lines of credit, and invoice financing. As Swoop works with many lenders, it can offer businesses the financing that will suit their operations and their ability to repay the loan. Loan limits and repayment period are flexible but depend on credit score, business age and revenues.

Equity Investment

Swoop Funding offers funding for companies that want to share their equity with outside investors. This option is beneficial for startups and high-growth companies seeking significant funding without the strain of loan repayments. Swoop’s team helps companies get ready for meetings with investors and pitch decks, ensuring that they sell their ideas persuasively and convincingly.

Customer Reviews and Feedback

A review of customer feedback across platforms like Google and Trustpilot shows generally high satisfaction rates with Swoop Funding’s services.

Google Reviews: 4.9/5 stars (8 reviews)
Trustpilot: 5/5 stars (370+ reviews)

Customers have posted several positive reviews about Swoop Funding on Trustpilot. The main positive aspects of the platform that customers appreciate are the ease of use and transparency in the loan process. Swoop’s customer support service is also satisfying and quick to respond.

However, some users complain that some lenders listed on the platform take a bit longer to respond. This can be a major drawback for businesses in urgent need of cash. But overall, Swoop Funding’s reputation for transparency and customer service holds strong.

Advantages of Using Swoop Funding

1. Diverse Funding Options: Swoop Funding offers all round funding solutions ranging from loans, grants and equity hence can be used for various purposes. Businesses can explore all options and then select the best financing solution for their capital needs.
2. Time-Efficient Application: The application process at Swoop Funding is quite smooth. It is fully online and simple, and the advanced search feature can help you find the most suitable funding for your business.
3. Expert Guidance: Swoop’s team offers personalized support. The experts at the company can help you choose a better financing option for your business.
4. Ease of Use: Swoop Funding provides a transparent marketplace where businesses can compare multiple financing options in one place. This feature is valuable for businesses that want to shop around for the best rates and terms without having to apply to each lender individually.

Drawbacks of Using Swoop Funding

1. Dependence on Third-Party Lenders: Swoop partners with several financial institutions. This can increase the approval time and the conditions offer by each financial institution may be different.
2. Eligibility Requirements: While Swoop Funding aims to assist various businesses, eligibility criteria for certain loans or grants can be restrictive.
3. Higher interest rates: Because Swoop Funding is an alternative lender, its rates are higher than those of conventional banks or credit unions. Keep that in mind as it may impact your ability to repay.  

Final Thoughts

Swoop Funding is a good alternative source of funding for those that don’t have other options. They have positioned themselves as one of the best and easy to use platforms for small businesses to access financing, especially for those that have been denied by major financial institutions. Whether it is a business owner seeking a line of credit for their existing business or a tech startup seeking equity investors, Swoop Funding provides comprehensive solutions together with excellent customer service.

Having said that, it is recommended to compare loan terms and interest rates with other lenders when deciding on the financing provider for your small business. If you have a business established in Manitoba, Saskatchewan, Alberta or Ontario, we have written separate articles and reviewed the best options for business loans in those provinces. We recommend reading the articles to better understand which lender might be most suitable for your unique business needs.

Mohammed Saqib

Saqib is a Canadian business writer that holds a Master’s degree from Wilfrid Laurier University in Ottawa. He brings a strong foundation in business, accounting and finance to his work. He began his career three years ago as an investment analyst at a well-known financial firm, focusing on analyzing publicly-listed companies. Saqib employs fundamental analysis as a core part of his approach and has been featured in publications like Seeking Alpha, InvestorPlace, and Yahoo! Finance.