- Funding boost provided by our invoice finance team helps local entrepreneur
- The bank has partnered with Entrepreneurial Spark to provide a free business accelerator initiative for early stage and growing ventures
Our invoice finance team and the Entrepreneurial Spark programme have facilitated the set-up of a new recruitment agency in Birmingham.
Having worked in recruitment for over ten years, Keith Greenaway established SNAP Education in September 2015. The company provides local primary schools with supply teachers and has plans to expand.
Factoring was recommended to Keith by Tom Kitching from the bank's invoice finance team. It ensures teachers are paid on time without compromising SNAP's cash flow. Tom also encouraged SNAP to apply for the Entrepreneurial Spark programme - an initiative supported by NatWest and KPMG. The application was successful and now SNAP operates from Entrepreneurial Spark’s Hatchery in St Philips Place. This business hub offers access to free IT and wi-fi, and business enablement and support from a pool of over 50 business mentors.
Keith Greenaway, Managing Director of SNAP Education:
"I knew I needed working capital to help pay the teachers on my books on time. But I wasn’t sure how to finance these payments. Finding out about factoring has been a massive learning curve. 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 the invoice finance team and for them to acting on my behalf providing a full sales ledger service."
"As a result of working with different teams from the Royal Bank, I now have a professional office and employ a full-time. This would not have been possible if Tom hadn't introduced me to Entrepreneurial Spark. It’s early days but things are going really well and I have already exceeded my initial expectations. The demand from our clients is increasing so it's an exciting time for SNAP Education."
Tom Kitching, Business Development Manager (invoice finance team):
"This is a great example of how we can help support start-ups and also link them in with the Entrepreneurial Spark team. The factoring facility is perfect for Keith’s business and has given him funds to manage his cash flow and feel confident in growing the business. He's also been able to benefit from the free office support that comes with being in the Hatchery. "
Matt Jenkins, Business Manager at NatWest:
"I work closely with the Invoice Finance team to help provide the right products for our customers. I'm delighted that the factoring facility is working well for SNAP Education. With regards to the Entrepreneurial Spark programme, the focus is on the individual, developing entrepreneurial mindsets and behaviours. 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."
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