Alternative business finance provider Swishfund has enjoyed a remarkable growth trajectory since establishing in the Netherlands in 2016 and launching its UK operation two years later. In 2022, the business has continued to make a positive impact.
An alternative lender that prioritises three simple but critical elements of flexibility, speed and customer service in its delivery, Swishfund’s ethos also places environmental, social and corporate governance [ESG] high on its agenda and believes that it should be a priority for all businesses.
Responsible lending and helping make a better society underpin everything that Swishfund does. In 2020, the company surpassed a key milestone of becoming one of the first carbon neutral alternative lenders. It doubled its lending throughout the course of that year, while attaining a Customer Service Excellence accreditation and working in partnership with its existing portfolio to help clients through the lockdown period.
As social restrictions lifted in 2021, Swishfund adapted its credit models to lend more to safer businesses at more competitive rates. Entering into the current year of 2022, the business has further grown its revenue as recent months have unfolded, and has expanded by bringing new personnel on board through the government’s Kickstart programme, providing fresh employment opportunities.
One of Swishfund’s most notable successes this year has been the receipt of a government grant through Innovate UK. Partnering up with 4Most Risk Consultancy, Swishfund has received the backing for the building of a prototype to realise its concept of a Green Credit Score for small businesses.
The purpose behind the Green Credit Score system is to be able to demonstrate that it should be cheaper for businesses that prioritise corporate social responsibility [CSR] and ESG to receive credit.
UK managing director, Andrew Jackson, explained: “This concept is to prove that environmentally responsible businesses are more creditworthy and should therefore receive cheaper credit.”
The move bolsters the progress that Swishfund has made since May 2021, offsetting 3,610 tons of carbon from then to today on behalf of customers. This impact has been realised by Swshfund’s programme of planting trees in the UK and helping build windfarms in India.
Moreover, the lending company has also rolled out APR discounts to any businesses seeking credit that are carbon neutral, or which operate in the renewable energy sector.
Elsewhere, Swishfund has been active this year in championing equality, another social issue close to its ethos. In aid of this, the business has launched its own campaign to support more women business owners, offering a discount of three per cent APR to any businesses owned by women.
The challenges that women face succeeding in the corporate world has been the subject of many discussions in recent years, and Swishfund is particularly passionate about levelling the playing field for women entrepreneurs who it feels are underserved by the financial industry.
Jackson said: “We believe that female business owners have more to benefit from fast and affordable finance. Social issues are close to our hearts, even if we are not a social enterprise.”
Photo by Towfiqu barbhuiya on Unsplash
