Keith Greenaway secured a funding boost from RBS and exclusive office space in their ‘Hatchery’ as a result of being accepted on the Entrepreneurial Spark programme.
Greenaway has worked in recruitment for over 10 years and has established SNAP Education to deliver supply teachers to primary schools across Birmingham.
With over 360 primary schools currently located across Birmingham, SNAP is focused on working with local schools and has future plans to expand into new areas including Special Education Needs.
Greenaway was introduced to Tom Kitching at RBS Invoice Finance who suggested how a factoring facility could help SNAP with their cash flow management and ensure prompt payment for the teachers on his books.
Kitching also suggested that SNAP may qualify to apply for the Entrepreneurial Spark programme which is an initiative supported by NatWest and KPMG.
A successful application to Entrepreneurial Spark resulted in SNAP being accepted to move into Entrepreneurial Spark’s Hatchery in St Philips Place.
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 said: “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.
“After meeting Tom Kitching and also Matt Jenkins everything just fell into place with the factoring facility and the amazing opportunity opened up with the ‘Hatchery’ via the Entrepreneurial Spark scheme.
"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.”
Matt Jenkins, business manager at NatWest, added: “I work closely with the Invoice Finance team to help provide the right products for our customers and am delighted that the Factoring facility is working well for SNAP.
"With regards to the Entrepreneurial Spark programme, the focus is on the individual, developing entrepreneurial mindsets and behaviours and this has proven to be an excellent opportunity for Keith. It has helped him to accelerate the growth of his business far above his initial expectations.”