Finance platform Swoop has announced an exclusive partnership for ICAEW Chartered Accountants to securely access loans, equity and grants for SMEs.
Swoop is a fast-growing finance platform designed to help SMEs secure funding from more than 1,000 providers. The partnership means ICAEW Chartered Accountants can access funding for their clients quickly and securely via the Swoop platform.
The coronavirus pandemic has created significant business challenges for SMEs and many have had to seek advice from an accountant, either to weather the storm or to take advantage of government-backed support. Research with Swoop’s adviser community shows that 79% of advisers experienced an increase in clients trying to source finance over the first four months of restrictions.
ICAEW members often act as trusted advisers to help clients navigate the business landscape. It can be difficult for accountants to keep track of changes in funding opportunities, which they need to understand and help their clients access.
Swoop's Adviser Funding Portal simplifies this for accountants. The portal helps advisers to identify funding opportunities for clients by matching them with the most appropriate finance option across government-backed schemes, like the Coronavirus Business Interruption Loan Scheme (CBILS), as well as traditional lending, equity investment, grants and commercial mortgages.
In a matter of minutes, advisers can compare a marketplace of over 1,000 funding providers and pick the most suitable type of finance for clients. The platform takes data from Companies House and allows easy integration of accounting software, putting unrivalled funding opportunities at a user’s fingertips. It also provides access to tools and templates, like a cash flow forecast, to support applications.
ICAEW members will also be supported throughout the application process by a team of experienced financial professionals, including former underwriters, accountants and equity analysts.
As a chartered accountant and ICAEW member, Swoop CEO Andrea Reynolds is thrilled to announce this partnership. "As an accountant I realised what a time consuming and admin-heavy burden fundraising for my clients was - for both the accountant and the client – so I'm delighted the tool I envisaged every accountant using is a reality and will be used to help businesses through these difficult times."
Amanda Digne-Malcolm, ICAEW Director of Practice, said: "Our members pride themselves on being responsive to client needs and this partnership with Swoop comes at a critical time.
"The Adviser Funding Portal will be a valuable resource for our members as we emerge from the pandemic, providing them with simple, secure and speedy access to tailored funding to ensure their clients are equipped financially to tackle the challenges ahead.
"The Adviser Funding Portal is a benefit of ICAEW's Practitioner Business Advisers (PBA) Community which members can join for free. The PBA Community provides tools and resources for Practice Members to give advice to their business clients."
Notes to editors:
Swoop is a business funding and savings platform enabling businesses to discover the right funding solutions across loans, equity and grants, and to identify and easily make savings - all in one fell swoop.
Swoop works with over 1,000 funding providers from mainstream banks, alternative lenders, venture capital funds, SEIS/EIS funds, angel investors and grant agencies, meaning that whatever the funding requirement, Swoop is able to offer a solution. All of this is done automatically through their advanced technology coupled with an expert team.
Swoop was named in the 'Hot Ten' list for the Global Fintech 50 for 2020 and Sifted European 'one to watch' 2021.
Find out more about Swoop.
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*Source: CAW, 2020 – Interbrand, Best Global Brands 2019