Small business lender Swift Capital named Tim Naughton chief legal officer.

Naughton’s career spans more than 30 years, working or consulting with Bank of America, American Express, Sallie Mae and Hudson Cook.

“The majority of small businesses struggle to get funding from the economy’s traditional sources of capital. Bank lending has not evolved as quickly as newer financing options,” Naughton said. “Small business owners work long hours and don’t have time for the bank loan application process when they need funding. As part of the Swift Capital team, I’m looking forward to helping owners get the transparency and control they need to drive their businesses forward.”

Prior to joining Swift Capital, Naughton advised Bank of America’s small business lending and deposit services as assistant general counsel and senior vice president. He served as external counsel for American Express and Sallie Mae and was a partner at Hudson Cook specializing in financial and regulatory compliance.

As executive vice president and managing counsel for MBNA America, Naughton managed the legal, compliance advisory and transactional needs for MBNA’s Consumer and Specialty Lending division. He also facilitated the launch of new business lines, directed due diligence, documented corporate and portfolio acquisitions and helped successfully integrate new businesses into MBNA. Naughton launched his career at Maryland National Bank.

Swift serves as an alternative to traditional banks for small businesses seeking working capital. Swift is backed by Sutter Hill Ventures, Khosla Ventures, Third Point Ventures, First Round Capital and SV Angel.