So you’ve received an offer from Swift Capital and are ready to move forward. Have you ever asked yourself, “What are they looking for?”
Well, in this blog post, we happily give you a behind-the-scenes look at the underwriting process at Swift.
After you finalize the terms of your offer with your Business Funding Expert, you sign an agreement and provide additional documentation. Documentation requirements are specific to your offer details and the answers to questions you provided on your application. Once we review your signed agreement, your business funding request moves on to our underwriting team.
That’s where we double check all the details of your funding request and take a closer look at the overall health of your business.
We met with Tracy Huber, a Senior Team Leader in Swift Capital’s Underwriting Department, for an inside look into what an underwriter is “looking for” when they’re reviewing a business funding request.
Here are six things you might not know about Swift Capital’s Underwriting Team:
1. They want to say yes.
It’s easy to think of underwriters sitting behind a huge desk covered with files and taking great pleasure out of whacking each with a big red REJECTION stamp. But that couldn’t be further from what’s happening at Swift Capital. Tracy said more than once, “These businesses deserve a chance.” Our underwriting team wants to get you funds for your business.
2. They’re looking out for your business.
A large part of what goes into underwriting is making sure that your business has the cash flow and monthly revenues to meet the payment terms that you’ve agreed to in your contract. We ask for your monthly bank statements for your business checking account to verify that we have an accurate understanding of what money is coming in and going out the door. Your underwriter is also working to protect your identity and make sure that you are who you say you are.
3. They look at the overall health of your business.
Many things go into the health of your business beyond revenue. Your underwriter looks at your payment history and behavior. They want to verify you pay your bills regularly and on time, and evaluate signs of stress in your business checking account by evaluating any returned checks, overdrafts, or negative balances. They might also look at any review websites that might apply to your business, including Yelp, TripAdvisor, your business website, or your business Facebook page. They want to see that your business is open and active, and that your customers are satisfied.
4. There are a lot of details.
Your underwriter is responsible for making sure that all of the details in your agreement match up with the documents submitted by you. There are a lot of small details that can slow down the process if they don’t match, and your underwriter is an expert at analyzing documents for inconsistencies. Sometimes they have to ask for additional documentation or information to clarify when the details don’t line up.
5. They’re fast.
At a bank, underwriting can take weeks, even months. But our underwriting process is faster because we don’t rely exclusively on paperwork. Your underwriters is thorough, but technology enables them to work much faster.
6. They get to know your business.
When Tracy was taking us through the account she was currently working on, she said more than once, “I love this business.” The restaurant she was working with had renewed their funding with Swift Capital multiple times, and Tracy had gotten to know the owner and the ins and outs of his business. We even spent a few minutes on their Facebook page oohing and ahhing over their dinner specials.
“It just makes me so happy to see the businesses I underwrite succeed,” Tracy said as she wrapped up the underwriting and was ready to send to the final stages of funding.
And we couldn’t agree more. We believe small business owners deserve a fair shot, and if their business is strong, they should have access to the working capital that they need. We hope that explanation helps you understand our underwriting process. At Swift Capital, your underwriter is your biggest advocate!
Our mission at Swift Capital is to unleash the potential of every small business by providing them with fair and convenient access to working capital. We harness data and technology alongside personalized human expertise to see the true potential in every business. Did you like this post? Tell us what you’d like to see on our blog. Email us at [email protected] or tell us here.