Swoop Funding has partnered with BNP Paribas Asset Management (BNPP AM) which will enable it to offer unsecured loans of up to £5m to small- and medium-sized enterprises (SMEs).
Swoop offers SMEs secure debt funding to support growth without having to provide collateral.
Borrowers can access funds of between £500,000 and £5m, which is significantly higher than the standard unsecured facility.
The loans will form part of BNPP AM’s SME Alternative Financing direct lending activity, which enables SMEs to access long-term unsecured funding in the UK, the Netherlands and Germany.
These loans are the latest addition to Swoop’s expanding range of financial products targeting SMEs and their advisors, including traditional sources of funding such as debt and equity, alternative sources like invoice and asset finance and business grants.
“Swoop provides businesses and their advisors with access to a wide range of funding opportunities via our digital marketplace,” said Damon Walford, chief commercial officer at Swoop.
“Our partnership with BNPP AM adds to this considerable funding firepower and allows Swoop to support businesses looking to accelerate their growth and/or make acquisitions by combining a team of experienced financial professionals with market leading technology.”
“As a source of funding that is complementary to traditional bank lending, unsecured long-term credit offers borrowers a unique form of financing that is invaluable in supporting the sustainable expansion of their businesses,” said Stéphane Blanchoz, head of SME alternative financing at BNP Paribas Asset Management.
“Our partnership with Swoop will enable us to further expand our access to UK SMEs and to benefit from Swoop’s valuable experience and expertise in this market.”