Swift About

Who We Are

Southwest Intermediary Finance Team (SWIFT) is a private, not-for-profit corporation whose purpose is to increase economic activity and employment in southwest Oklahoma's rural communities by lending funds at interest rates and terms that encourage business development in southwest Oklahoma.

SWIFT is a bonded and audited organization.

Priorities

SWIFT's priority is to help create high quality jobs. This focus results in initiating loans to privately owned firms that create added value to products, which diversifies the area's economic base.

Create new permanent jobs

Encourage new private investment

Increase productive capabilities of business and industry

Diversify Southwest Oklahoma's
economic base

Service Area

SWIFT EDA & USDA Service Area represents 45.91% of Oklahoma in square miles.
We serve the following counties:
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Beaver
Beckham
Blaine
Caddo
Canadian
Carter
Cimarron
Cleveland
Comanche
Cotton
Custer

Dewey
Ellis
Garvin
Grady
Greer
Harmon
Harper
Jackson
Jefferson
Kiowa
Logan

Marshall
McClain
Pontotoc
Roger Mills
Stephens
Texas
Tillman
Washita
Woods
Woodward

Rates

Interest Rates are negotiated between the borrower and SWIFT but are subject to maximums pegged to the prime rate, and all rates are fixed.
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Terms

Actual loan maturities are based on the ability to repay, the purpose of the loan proceeds, and the useful life of assets financed. However, maximum loan maturities are:

25 YEARS for real estate
10 YEARS for equipment (depending on the useful life of the equipment)
5 YEARS for working capital
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Borrower Contribution

SWIFT loan recipients will contribute funds not derived from the IRP in the amount of at least 25% of the total project cost; 10% of the total project cost must be in cash.
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Eligibility Criteria

Operate for profit
Have reasonable invested equity
Operate in rural area (any area that is not inside a city with a population of 25,000+)
Use alternative financial resources, including personal assets, before seeking financial assistance
Be engaged in, or propose to do business in SWIFT's 32
county service area
Be small, as defined by the Small Business Administration
Be able to demonstrate a need for the loan proceeds
Use the funds for a sound business purpose
Not be delinquent on any existing debt obligations

Loan Purposes

Debt refinancing
Pollution control & abatement
Transportation services
Interest
Purchase of equipment, leasehold improvements, machinery, or supplies
Start-up operating costs & working capital
Feasibility studies
Business construction, conversion, enlargement, repair, modernization, or development
Purchase & development of land, easements, buildings, right-of-way, facilities, leases, or materials
Business & industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide for expanded job opportunities
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Collateral Requirements

SWIFT expects every IRP loan to be fully secured but will not decline a request for a loan if the only unfavorable factor is insufficient collateral, provided that all collateral is offered. This means every SWIFT loan is to be secured by all available assets (both business and personal) until the recovery value equals the loan amount or until all assets have been pledged to the extent that they are reasonably available. Personal guarantees are required from all owners of 20% or more of the equity of the business, and liens on personal assets may be required.
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