Swift Capital Announces $50M Credit Line To Fund Small Businesses.
Swift Capital, a leading direct provider of working capital solutions for small businesses, announced today that it has secured $50 million in new debt commitments, in addition to $27.5 million of junior notes already outstanding, to support the rapid growth of its small business funding programs. The new debt commitments give Swift Capital significant increased funding capacity to further advance its superiorly priced working capital solutions and provide small businesses with fast and simple access to funding where banks are unable to meet their needs.
Swift Capital has transformed small business lending through its proprietary technology and risk pricing platform that focuses on business performance and cash flow rather than personal credit scores, serving millions of healthy small businesses that have historically been unable to access the bank financing they need to grow and thrive. Demand for funding through Swift Capital’s platform has surged, with growth rates continuing to exceed 150% per annum.
Accessing working capital, whether through cash advances, small business loans, or other similar services, allows businesses to address a range of challenges they may be experiencing at various stages of growth. Swift Capital’s vision of quick, simple disbursement of funds aids in this process, and this new credit facility furthers Swift Capital’s ability to deliver on this vision.
“This financing represents a significant milestone for Swift Capital, allowing us to help even more businesses access capital, addressing a critical gap in the economy,” stated Michael Coco, treasurer at Swift Capital. “The company’s innovative technology and sophisticated use of data allows us to approve more businesses for funding, more quickly, often at better pricing than other available options. This new credit facility further supports our rapid growth trajectory and allows us to continue to create greater access to capital while transforming the way this money is deployed to Main Street,” added Ed Harycki, chief executive officer, Swift Capital.