If you’re considering recruitment funding then chances are you’re going to have more than a few questions, to see if it’s the right thing for you and your business.
There are six questions we hear most of all. Below we’ve answered each one, yet if we haven’t answered the ones you have, feel free to get in touch.
1) How does recruitment finance work?
When you start a temporary recruitment agency, cashflow can sometimes be a problem. Workers need to be paid often before you receive payment from your client. Here at New Millennia we can provide 100% funding, meaning we take on the responsibility for collecting the invoices directly from your client, leaving you to focus on growing your business.
2) What do I need to access recruitment funding?
There are three things you need to access recruitment funding. Firstly, your client needs to pass a credit check. Next you need to get the paperwork signed — we’ll provide you with all the contractual paperwork for both clients and candidates. Finally you need a signed timesheet, once you have that you’re able to access recruitment funding.
3) Can even startups access recruitment funding?
Yes. Though we also work with established SME recruitment agencies, we work primarily with recruitment startups. Due to the nature of a startup business, you often won’t have much history to allow you to access traditional routes of funding. At New Millennia our finance solution has been created with startup recruitment agencies in mind, as it relieves your business of financial pressure when you’re starting out, and beyond.
4) Do recruitment funding and invoice factoring work in the same way?
No. There are a number of key differences you should be aware of. For example, invoice factoring typically requires you to have a personal guarantee. Plus there are a range of different fees you have to pay before you can access funding. Recruitment funding from New Millennia means you pay no minimum fees and no personal guarantees are required. If you need help exploring the differences don’t hesitate to get in touch.
5) What are the advantages of recruitment finance?
There are so many benefits to accessing recruitment funding. However the main benefit has to be the fact that it allows you to focus on growing your business. Rather than chasing invoices and wasting time on the back office functions, you can instead set your sights on the bigger prize knowing that your temporary staff are being taken care of.
6) How do I apply for recruitment funding?
To find out more about recruitment funding, get in touch with our team. Our Operations Director Paul will arrange a meeting with you to discuss the process and answer any more questions that you might have.