3 Things You Need to Access Recruitment Funding for Temp Staff

08 Feb 2024

Starting Your Own Recruitment Agency

100% recruitment funding might seem like a deal that’s too good to be true, but really it isn’t. We help recruitment agencies up and down the country access money they’ve earned through supplying temporary staff, before they’ve been paid by their client. It helps recruiters focus on growing their business and ensuring timely employee payments without worrying about cash flow.

Interested? Well, there are just three things you need to access recruitment funding:


1) Pass a Credit Check


When you’re supplying temporary staff to a client, they must first pass a credit check. 

Unlike banks and lenders, our services are tailored to the recruitment industry, so we understand the unique dynamics of the staffing sector. One notable advantage here is that there are no credit check costs or personal guarantors required, eliminating a potential financial barrier.

Understanding the nuances of this credit check process is important for recruitment agencies aiming to secure funding for their temp staff. The check itself involves assessing financial stability and overall creditworthiness. Those with a positive track record of successful placements and timely payments are more likely to pass this assessment. 

By passing the credit check and using our services, agencies not only gain the funding they need but also benefit from full debt protection, shielding you from potential financial setbacks in the event of insolvency or payment delay.


2) All the Necessary Paperwork


The importance of transparent paperwork cannot be overstated. 

We provide all the contractual paperwork for both the client and the candidates. This will usually include employment agreements, terms and conditions and any other relevant documentation required for temp staff placements. You get the paperwork signed and then we’ll give you access to a web based agency portal, where you can easily upload all the necessary documents.

Having a comprehensive trail of contractual paperwork are important components of the recruitment funding journey. This will contribute not only to the operational efficiency of your agency but also to boost credibility and eligibility for recruitment funding options. 


3) A Signed Timesheet


If you’re looking for funding for temporary employees then you’ll need a signed timesheet to verify that the client is happy with the work that has been completed. This could be via a paper-based timesheet, email verification or online timesheets.

By supplying signed timesheets, you have tangible proof that staff have fulfilled their assigned duties within the agreed-upon time frame. This acts as verification that you have delivered on contractual obligations and that the work completed aligns with the invoiced amount. 

Signed timesheets also contribute to the documentation trail. This documentation is crucial as evidence of compliance with industry standards. It also acts as a foundation for the agency in case of any disputes or audits.


The Process


Once you have the three things listed above, you have everything you need to access 100% recruitment funding.

Your temporary workers will be paid on time every single week, and you will be, too! Plus we have all the necessary components to put together a legal file or make a claim on our insurance, in the unlikely event that the client should fail to pay.

At New Millennia we’re committed to helping startup recruitment businesses succeed. We offer a transparent approach to financing, improving cash flow so your business can grow.

If you would like to discuss our recruitment funding services and the options available, call our team on 0161 337 9882 to find out more, or email enq@nmgroup.co.uk .

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