These two GSD functions are different although they can overlap, as do Loft and Blend in some cases. [blue](1)[/blue] and [blue](2)[/blue] below are copied and pasted from the V5R9 Help Documentation files.
One difference is that a Loft can be constructed with just Section Curves, whereas a Sweep needs Guides.
The creation of a simple surface between two curves can be done by Sweep, Loft or Blend. It is worth spending time working through (eventually) all the options in each of these three functions so that the most appropriate method is used for any given situation.
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(1) You can create a swept surface by sweeping out a profile in planes normal to a spine curve while taking other user-defined parameters (such as guide curves and reference elements) into account.
(2) You can generate a lofted surface by sweeping two or more section curves along an automatically computed or user-defined spine. The surface can be made to respect one or more guide curves.