Ciaran Burke: Where Should Business Owners Go for Funding?

Small business owners often face a daunting question: Where do I go to get money? 

The process of securing business funding can feel overwhelming, especially for those who are passionate about their craft but lack a financial background.

Enter Ciaran Burke, co-founder of Swoop, a platform revolutionizing how businesses access finance. In a recent podcast, Burke shared insights on navigating the complex world of business funding, emphasizing that today’s entrepreneurs have more options than ever before. With Swoop’s platform serving over 250,000 businesses across the US, Canada, UK, Australia, and South Africa, Burke’s mission is to simplify funding and empower time-poor business owners. This article explores his actionable advice, from understanding your financial footprint to exploring diverse funding avenues, all while respecting the unique challenges entrepreneurs face.

The Pain of Accessing Business Funding

For many business owners, the journey to secure funding begins with frustration. Burke vividly recalls the struggles of entrepreneurs who feel defeated when their bank says “no.” “Business owners have an awful time of it because they are so time-poor,” Burke says. “A lot of business owners get into the business because they're passionate about that business… not because they've done an economics degree or they're a qualified accountant.” This disconnect often leaves them intimidated by financial jargon and unaware of alternatives beyond traditional bank loans.

The stigma that “money equals bank” exacerbates the problem. When a bank denies a loan, many entrepreneurs assume their funding dreams are dead. Yet, as Burke points out, the modern financial landscape is brimming with possibilities. From grants to equity investments to alternative lenders, the options are vast—but discovering them requires guidance and education.

Swoop’s Mission: Simplifying Finance for All

Burke and his co-founder, Andrea Reynolds, launched Swoop seven years ago to address this gap. Their platform connects small businesses with a wide range of funding providers, streamlining the application process with smart technology and human expertise. Burke’s background in building tech platforms, like Hive—a LinkedIn for creatives—paired with Reynolds’ experience raising capital for McLaren’s spin-out companies, inspired Swoop’s creation. The goal? To act as a “virtual CFO” for small businesses, making funding accessible and less intimidating.

Swoop’s impact is tangible. With hundreds of transactions processed daily, the platform has helped businesses secure over £425 million in funding globally. Whether it’s a startup needing a quick loan or a growing company eyeing equity investment, Swoop matches businesses with tailored solutions. Burke emphasizes the importance of respecting entrepreneurs’ time: “If you've given us the leeway to say, hey, here are some options for you, we sure as hell are going to use that information again so you're not having to repeat it again and again in so many application forms.”

Understanding Your Financial Footprint

One of Swoop’s core strategies is helping business owners get comfortable with their numbers. By integrating accounting software or banking data, Swoop provides a clear picture of a business’s credit position and eligibility for various funding products. This step is crucial for demystifying finance and empowering entrepreneurs to make informed decisions.

Burke shares a compelling example of how this approach works: A business seeking a $25,000 loan was rejected by their bank due to affordability concerns. Swoop’s analysis revealed the company was overpaying $7,000 annually in foreign exchange (FX) fees. By switching to a different FX provider and renegotiating energy rates, Swoop helped the business save enough to cover loan repayments, securing the funding without added financial strain. This holistic approach—addressing both funding and cost savings—sets Swoop apart.

Exploring Diverse Business Funding Options

Swoop’s platform opens the door to a variety of funding types, including:

• Loans: From unsecured small business loans to merchant cash advances, Swoop connects businesses with mainstream banks and alternative lenders. Loans can range from £1,000 to £500,000, catering to startups, sole traders, and larger SMEs.

• Equity Financing: For businesses ready to scale, Swoop facilitates connections with angel investors, venture capital funds, or government-backed SEIS/EIS schemes.

• Grants: Ideal for innovative or sector-specific businesses, grants provide non-repayable funds. Swoop’s AI technology identifies relevant opportunities, saving time on lengthy searches.

• Cost Savings: Beyond funding, Swoop helps businesses reduce expenses on utilities, banking, and FX transactions, freeing up capital for growth.

  
  

Burke advises entrepreneurs to consider their priorities—whether it’s speed, cost, or cash flow—when choosing a product. For instance, a business needing quick capital might opt for a short-term loan, while a high-growth startup could pursue equity investment.

Should You Borrow, Bootstrap, or Raise Investment?

The debate over borrowing versus bootstrapping versus raising investment is a common one. Burke encourages business owners to lean on forecasting to make informed choices. Early-stage entrepreneurs, he warns, often fixate on securing a big equity check, which can distract from building their business. “It can take a humongous amount of time out from you growing a business, particularly in those embryonic stages when you need to get those first sales, win those first customers,” he notes.

Instead, Burke suggests exploring alternative strategies, like leveraging soft assets (e.g., recurring revenue or invoices) for loans or tapping into personal or family resources for bootstrapping. These approaches can provide the cash flow needed to grow without the time-intensive process of pitching to investors.

Overcoming Intimidation and Embracing Opportunity

For many entrepreneurs, the fear of navigating finance stems from a lack of familiarity. Swoop’s platform, combined with its team of experts—former underwriters, accountants, and equity analysts—helps bridge this gap. By offering personalized guidance and a user-friendly dashboard, Swoop ensures that business owners, regardless of their financial expertise, can explore their options confidently.

Burke’s vision extends beyond funding. He and Reynolds are committed to giving back through mentorship, supporting programs like the Virgin Accelerator and collaborating with Enterprise Ireland to nurture the startup ecosystem. Their passion for empowering diverse entrepreneurs, including underrepresented groups like Black female founders in the US, underscores Swoop’s inclusive approach.

Key Takeaways and Next Steps

Ciaran Burke’s insights highlight a transformative truth: business funding is no longer limited to banks. With platforms like Swoop, entrepreneurs can access a world of options tailored to their needs. Key takeaways include:

• Understand Your Numbers: Use tools like Swoop to assess your credit position and eligibility.

• Explore All Options: Don’t stop at banks—consider loans, equity, grants, and cost-saving measures.

• Respect Your Time: Choose platforms that streamline applications and minimize repetitive tasks.

• Balance Funding Strategies: Weigh borrowing, bootstrapping, and investment based on your business stage and goals.

Ready to explore your funding options? Visit Swoop’s website to create a free account and discover tailored solutions. Don’t let the fear of finance hold you back—your business deserves the capital to thrive.