Birmingham recruiter cracks a deal to launch in the city
Having worked in recruitment for over ten years, Greenway established SNAP Education to deliver supply teachers to primary schools across Birmingham.
He was introduced to Tom Kitching, business development manager at RBS Invoice Finance, who suggested how a factoring facility could help SNAP Education with their cash flow management and ensure prompt payment for the teachers on his books.
SNAP Education applied and was subsequently accepted onto the Entrepreneurial Spark programme, which is an initiative supported by NatWest and KPMG. One of the programme’s benefits is exclusive office space in the & lsquo;Hatchery’ in central Birmingham. This is one of the first business hubs that has been launched and offers free access to a collaborative office environment which includes free IT & wifi access to business enablement and support from a pool of over 50 business mentors.
Greenaway explained, “I had a good business plan but a big flaw with regards to my cash flow because I knew I needed working capital to help pay for teachers quickly but wasn’t sure on the best route of finance. I was not aware of factoring and how it works. It has been a massive learning curve because it frees up funds from my debtor invoices which provides the cash needed to pay my teachers. It also feels great to be working with RBS Invoice Finance who is acting on my behalf providing a full sales ledger service.
“As a result I now have a professional office and employ a full time consultant who works alongside me. This all came about thanks to Tom’s introduction. This would not have been possible when I was first setting up my business. It’s early days but things are going really well and I have already exceeded my initial expectations with regards to growing the number of teachers we are placing in schools. The demand from our clients is increasing and we have a number of new roles advertised that we are seeking suitable teachers for across the city. It is a very exciting time for SNAP Education.”
SNAP Education is focused on working with local schools and has future plans to expand into new areas including Special Education Needs.