Swift Financial Launches Product to Increase Small-Business Access to Capital

Wilmington, Del. (PRESS RELEASE – August 5, 2010) — Swift Financial Corporation (www.swiftfinancial.com) has launched a product designed to provide small businesses with increased access to working capital. Responding to the current credit freeze and continued lack of lending to small businesses, Swift has introduced “Swift Business Capital” with the intention of expanding access to capital at a time when many small businesses say they can’t obtain working capital to survive or grow.

“Swift Business Capital” provides working capital in amounts ranging from $5,000 to $100,000, with repayment terms typically ranging from six to nine months. Repayment is made directly from the small businesses’ credit- or debit-card merchant accounts. Rather than fixed monthly payments that don’t take into account the natural sales cycle of small businesses, Swift receives a percentage of the business’ daily credit and debit card receipts, so that repayment ebbs and flows with the sales of the business. This stabilizes cash flow for customers, while at the same time assuring repayment to Swift.

Swift’s approval process is also much different than most typical small business lenders. In contrast to credit cards and small business loans that historically have placed heavy reliance on personal credit scores for approval, Swift Financial bases funding decisions on the actual revenue and credit card receipts of the business. Furthermore, because Swift relies on the underlying cash flow of the business when making a decision to extend working capital, it typically does not require personal guarantees of the business owners or collateral as security. Relying on cash flow rather than personal credit scores allows Swift Financial to approve more customers while making larger capital advances than typical small business loans.

“The backdrop of tighter credit markets and lower personal credit scores has made it extremely challenging for small businesses to get funding. Through this innovative product we intend on bringing capital back to Main Street, which is critical to the recovery of our economy,” says Ed Harycki, founder and CEO of Swift Financial. “We are helping responsible, creditworthy small businesses that have been unable to obtain funding through traditional banking channels.”

In addition to providing working capital directly to small businesses, Swift Financial is also establishing partnerships banks and credit unions so they also can offer the product to their customers.

Tench Coxe, managing director at Sutter Hill Ventures (www.shv.com), Swift’s major backer, says, “Swift’s team has significant experience partnering with financial institutions to provide products for small businesses. Swift’s ‘Business Capital’ product is the ideal solution for institutions looking for ways to extend capital to their small business customers.”

About Swift Financial Corporation

Swift Financial is a specialty financial services company exclusively serving the small business market. Headquartered in Wilmington, Delaware, Swift Financial launched in 2007 and is led by a veteran team of top bank executives who are providing small businesses with innovative working capital solutions.

For more information, visit www.swiftfinancial.com.

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