A new business funding matching tool that promises to improve access to finance for businesses has been launched by ISME in partnership with Swoop Funding.
Swoop is a business funding and savings platform enabling businesses to discover the right funding solutions across loans, equity and grants.
The idea is that the ISME Finance Finder will act as the one-stop-shop for funding solutions for Irish SMEs.
Andrea Reynolds, CEO and founder of Swoop Funding, said the firm’s technology brings the funding market together in one place.
“Our expert team manages the funding process from start to finish,” she added. “As an Irish company, Swoop is proud to be working with ISME to deliver the funding that Irish SMEs need, when they need it.”
In Association with
Reynolds launched Swoop in the UK in 2017, and she is a non-executive director for Berkshire Hathaway European Insurance.
Swoop receives commission from most of the companies featured on its platform.
According to the company: “The way that Swoop gets paid varies for the different products and services. We either get paid a flat fee when you purchase a product or use a service, a percentage of the cost to you for that product or service, or a percentage of the total loan amount you receive from our partner.
“Swoop also offers investment matching and investor preparation services. The customer decides whether they would like to progress with these services and will be provided with an engagement letter setting out these services and the associated success fees payable by the customer upon receiving investment. These services are not carried out unless the customer has provided written confirmation of acceptance of the engagement.
“How we display the products and services will not be affected by the commercial agreements we have in place with our partners. We will always try to display them in a way that is clear, informative and helps you to get the best product for you.”
ISME chief executive Neil McDonnell said SME confidence remains constrained, in an environment of high input costs and the war in Ukraine.
“Many balance sheets remain unrepaired after the pandemic, and SMEs continue to finance themselves via internal funding or bootstrapping,” he added.
“However, we also see opportunity in many sectors. 2022 will be a year of opportunity for those enterprises willing to be bold in adversity. The ISME Finance Finder will be a one-stop shop for any SME seeking funding solutions for their next move.”
ISME’s Bank Watch Q4 2021 report demonstrated the challenges faced by SMEs, with loan refusal rates at 33% and an increase from 65% to 68% of those surveyed who reported difficulties in accessing finance.
According to ISME, their Finance Finder service includes guidance on funding queries, templates and tools to aid finance applications, and finance updates and alerts.
