Financial platform Swoop Funding is linking with price comparison service Compare the Market to improve access to funding for UK small and medium-sized enterprises (SMEs.)
In 2023 SMEs accounted for over 99% of the business population, however a 2023 report by the British Business Bank revealed that 32% of SMEs found it difficult to obtain external financing, with many citing a lack of awareness about available options as a major obstacle.
And an estimated 45% of SMEs in the UK are unaware of the full range of funding options available to them, according to the Federation of Small Businesses.
The new partnership between Swoop Funding and Compare the Market claims to address this challenge with SMEs having easier access to a wide range of financing options.
Andrea Reynolds, chief executive of Swoop Funding, says: “Our partnership with Compare the Market is designed to remove these barriers by providing a simple, one-stop solution where SMEs can compare and access financial products tailored to their specific needs. Together, we are committed to empowering SMEs to navigate the financial landscape with confidence.”
The partnership will also tap into the growing trend of alternative finance, which is expected to reach some £14 billion in 2024. The new partners say this surge underscores the importance of making non-traditional financing options more accessible, one of this partnership’s key goals.
Bez Arbabzadah, Chief Financial Officer at Compare the Market, comments: “We are enhancing our customer offering to deliver helpful and important financial solutions to the businesses that need them most. We hope that this partnership will help SMEs thrive and enable them to seize new opportunities for growth.”