Swoop Funding review

What is Swoop Funding?

Swoop Funding is a UK-based broker that specializes in business funding solutions. It aims to help Canadian small- and medium-sized businesses find the financing they need, not only in the form of business loans but also with grants and Canada Small Business Financing Program (CSBFP) loans.

To get funded through Swoop, you’ll need to fill out an online application with your contact details, business information and funding needs. Swoop then uses matching technology to help you find suitable loan offers from its network of lending partners, allowing you to compare offers and choose one that suits your needs.

Is Swoop Funding legit?

Swoop Finance Ltd. can be found in Canada’s Business Registries and is an approved vendor with the Canadian Lenders Association. Its office address, phone number and email address are provided on its website.

Types of Swoop Funding business loans

Swoop offers a wide range of different business financing options through its network of lending partners. Loan terms and eligibility criteria vary greatly between lenders, but available financing options include:

• Secured and unsecured term loans
• Canada Small Business Financing Program loans
• Working capital loans
• Equipment financing and leasing
• Asset-based lending
• Merchant cash advances
• Invoice financing
• Commercial mortgages
• Equity financing
• Business grants

For more information on the types of financing your business could qualify for, check out our guide on business loan options.

What we like about Swoop Funding business loans

• Easy online application. Applying for business loan options through Swoop Funding Canada takes less than 10 minutes.
• Compare multiple loan offers. By filling out a single application, you can compare suitable offers from multiple business lenders.
• Get funded within 24 hours. Depending on the lender, you may be able to access a loan in as little as 24 hours.
• Options for good and bad credit. Swoop Funding’s lender network includes traditional as well as alternative lenders, so it’s possible to find a loan even if your credit history is less than perfect.
• Wide range of loan types. Swoop Funding can help you connect with lenders that offer loans to suit a wide variety of financing needs.
• Free to use. Swoop Funding’s platform is free for borrowers to use.

What to watch out for

• Not a direct lender. Swoop Funding is a broker, not a lender, so any loan you get will be arranged with a third party.
• You’re limited to Swoop’s network. There may be a better financing option for you from a lender that is not a partner of Swoop Funding Canada.
• Commission. It’s worth noting that Swoop receives a commission from most of the companies featured on its platform.
• High rates for bad credit. If you’ve got bad credit, you can expect to be offered higher interest rates. Some lenders may require you to provide a personal guarantee or collateral for a loan.

Compare business loans

1 - 3 of 3

Product CAFBL	APR Range	Loan Amount	Loan Term	Minimum Revenue	Minimum Time in Business	Loans Offered	Broker Compliance
Journey Capital Business Loan	8% – 29%	$5,000 - $300,000	4 - 24 months	$100,000/year	6+ months	Term Loan, Line of Credit, Merchant Cash Advance		To be eligible, you must have been in business for at least 6 months with a minimum annual gross revenue of $100,000. Journey Capital offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.	Go to siteMore Info Compare	loading Fetching your data...
Merchant Growth Business Loan	12.99% – 39.99%	$5,000 – $800,000	6 – 24 months	$10,000 /month	6 months	Unsecured Term, Line of Credit, Merchant Cash Advance		To be eligible, you must have been in business for at least 6 months and have a minimum of $10,000 in monthly sales. Merchant Growth offers financing tailored to business needs. It specializes in providing capital based on future cash flows, but it also offers fixed solutions. Fill out an application within 5 minutes and get your funds within 24 hours.	Go to siteMore Info Compare	loading Fetching your data...
Loans Canada Business Loan	6.99% - 46.96%	$500 - $500,000	3 - 60 months	over $10,000/month	9 months	Unsecured Term	Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	To be eligible, you must have been in business for at least 100 days, have a Canadian business bank account and show a minimum of $10,000 in monthly deposits ($120,000/year). Loans Canada connects Canadian small business owners to lenders offering financing up to $500,000. Complete one simple online application and get matched with your loan options.	Go to siteMore Info Compare	loading Fetching your data...

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Summary of Swoop Funding reviews

Customer reviews for Swoop Funding are generally positive with the broker averaging 4.9 out of 5 stars on Trustpilot and Google. Happy customers mention factors like a quick and easy application process, friendly and helpful customer service and fast access to funds. The limited number of negative reviews sometimes mention poor customer service.

Customer reviews last verified on September 24, 2024.

Am I eligible for a Swoop Funding business loan?

Eligibility requirements vary widely between lenders, so the exact criteria you’ll need to meet will depend on the lenders you’re matched with. However, as a general rule, most business lenders will want you to:

• Be the age of majority in your province
• Run a Canadian business
• Have been in business for at least six months
• Have good to excellent credit
• Meet a minimum annual revenue requirement

Swoop may be able to help you get a loan if you have bad credit, but the lender may require a personal guarantee or collateral for the loan.

How to apply for a Swoop Funding business loan

You can apply for a business loan through Swoop Funding Canada by completing the following steps:

1. Visit the Swoop website and select Get started.
2. Specify why you need a loan and what the funds will be used for.
3. Enter your business name, where it’s located, your ownership structure and the industry your business operates in.
4. Enter your desired loan amount, when you need funding and how you will use the loan amount.
5. Provide your name and contact details before creating a password.
6. Provide details about how long you’ve been in business and your business’s annual turnover.
7. Compare funding matches from different lenders.
8. Submit a loan application to the lender of your choice.

What documents do I need to apply?

The paperwork you need to provide varies depending on the lender and the type of loan you’re applying for. That said, documents needed to apply for a business loan commonly include:

• Proof of ID
• Bank statements
• Business financial statements
• Business plan
• Personal and business tax returns
• Articles of incorporation or a partnership agreement

How much does a Swoop Funding business loan cost?

The interest rate you get and any fees that apply will determine the cost of your loan.

• Interest rate. Your interest rate will depend on the financial circumstances of your business, the loan amount and the lender you opt for. Learn more about business loan rates.
• Fees. Fees will vary depending on your loan contract, so check the contract carefully before signing.

Bottom line

Swoop Funding can help you find a wide range of business financing options, and it makes comparing offers from multiple lenders easy. But you’ll need to compare loan options from a variety of providers, not just those in Swoop’s network, to find a good deal for your business.