Swoop Finance Business Loans
- Upfront Fee
- Depending on your loan contract
- Max. Loan Amount
- $20,000,000
- Loan Term
- 3 months to 30 years
Summary
Access from $5,000 to $20,000,000 in business funding with a business loan from Swoop.
Swoop is a credit broker that connects businesses with lenders suited to their financial position, from a panel of banks and alternative lenders. It doesn't lend directly. Business loans through Swoop are available up to $20,000,000, depending on your business's circumstances and the lender.
3 things to know about a Swoop Finance business loan:
- Rates vary by lender, loan amount and your business's financial position
- Secured and unsecured loan options available
- Typically access up to 25% of your business' annual turnover
Details
Product details
| Product Name | Swoop Finance Business Loan |
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $20,000,000 |
| Loan Security | Secured |
| Upfront Fee | Depending on your loan contract |
| Loan Term | 3 months to 30 years |
How does a Swoop Finance business loan work?
A business loan from Swoop, like most traditional business loans, is a lump sum of capital that you can use for business purposes, such as purchasing a premises, covering overheads, buying stock, or generally expanding your business. Swoop is not a lender in itself, but instead is a virtual finance platform that gives you access to a range of partnered lenders offering loans that best suit your business.
Simply input some basic details about your business onto Swoop's website and Swoop will match you with appropriate lenders via your personalised finance dashboard. Swoop's finance portfolio boasts a vast range of lenders, all with different eligibility criteria, application processes and interest rates.
Features of Swoop Business Loan
- Secured and unsecured. Swoop can match you with lenders offering secured loans (backed by property or other assets) or unsecured loans, depending on your business's needs.
- Quick online application. Only a few simple details about your business are required to match you with appropriate lenders.
- Loan term. 3 months to 30 years.
- Loan amounts. Typically up to 25% of your business' annual turnover, or $5,000 to $20,000,000.
- Fixed and variable options. While most traditional business loans are fixed rate, there are variable rate loan options when applying with Swoop.
- Funding time. This will vary depending on the lender that you opt for.
- Good and bad credit options. While it is easier to qualify for finance if you have good credit, Swoop does offer options for bad credit applicants. However, you may have to offer a personal guarantee.
- Banks and alternative lending options. Swoop works with a panel of lenders, including banks and alternative lenders, and can introduce you to the ones suited to your business.
- Secured data. All applications are secure.
How much does Swoop cost?
- Swoop's fee. Swoop doesn't usually charge you for loan matching because it's paid a commission by the lender, though fees may apply for equity fundraising or grant-writing services.
- Interest rate. Your rate depends on the lender you choose, the loan amount and your business's finances.
- Fees. Fees such as establishment and ongoing fees are set by the lender and will be in your loan contract.
Eligibility Criteria
Swoop is a credit broker, not a lender. It matches your business with lenders from its panel, so the exact criteria depend on the lender and loan type you're matched with. As a minimum, you'll need to:
- Be at least 18 years old
- Run a business in Australia. Sole traders, startups and SMEs can all apply.
- Be ready to show your business's annual revenue, trading history and how much funding you need
Documents you may need:
- Business and personal financial statements and tax returns covering at least the last 2 years
- A personal statement of financial position
- Proof of personal income
- ID and any other documents the lender asks for
How to apply
To apply for a business loan with Swoop Finance, simply click "Go to site" to visit the lender's website directly and submit an application. Remember that eligibility criteria will vary depending on the lender you opt for and the loan that you apply for. Swoop will need the following information in order for you to apply:
- Your business' annual turnover
- How much funding you require
- The age of your business
Swoop offers a vast range of different business financing options. For more information on the types of financing your business could qualify for, compare our business loan options.
Frequently asked questions
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