An innovative business supporting experienced recruitment professionals to establish their own business has secured £50,000 in funding from the new Midlands Engine Investment Fund II (MEIF II) through BCRS Business Loans to grow and support more entrepreneurs.
Freedom Recruitment Capital has received £50,000 to employ two additional members of staff from the British Business Bank’s Midlands Engine Investment Fund II.
Sutton Coldfield-based Freedom Recruitment Capital was established in 2022 to support experienced recruitment consultants to start their own agency without the risks and barriers associated with launching traditional start-up businesses.
The Midlands Engine Investment Fund II has lent over £1 million in small business loans through appointed fund manager for the West Midlands, BCRS Business Loans to help a range of small and medium sized businesses in the region to start up and scale up.
Freedom Recruitment Capital is already supporting over 35 start-up agencies currently, and the funding will allow the business to recruit a dedicated client onboarding manager and graphic designer, enabling Freedom to confidently support 50 new businesses each year.
Their business model provides new agencies with advice, software and systems, back-office support and invoicing solutions over a five-year period with no up-front fees or operational costs.
Freedom Recruitment Capital director, Matt Hicks said: “Our unique recruitment investment model means that we can help experienced recruiters benefit from the financial freedom and work life balance of business ownership, by supporting them to establish their own agency without the typical pressures that often make it too great a risk.
“We are in the business of supporting start-up agencies to ensure they thrive. The investment from BCRS Business Loans enables us to grow the team and support more businesses each year.”
Freedom Recruitment Capital director, Darren Isles added: “We were introduced to BCRS Business Loans via Julie Mole from Crowe and the support we received was great, straight-forward and surprisingly quick.
“The loan will enable us to invest in our people, grow and work with more businesses each year.”
BCRS Business Loans chief executive Stephen Deakin said: “Freedom Recruitment Capital is a unique business providing start up recruitment agencies with opportunities to grow and boost employment opportunities in the region.”
Beth Bannister at British Business Bank commented: “The Midlands Engine Investment Fund II plays an important role in supporting small businesses in the region by widening access to a broad range of finance and lending options. The fund aims to back ambitious and growth-oriented companies just like Freedom Recruitment Capital and we look forward to supporting many more small businesses across the region.”
The Midlands Engine Investment Fund II drives sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
Since BCRS Business Loans was founded in 2002, it has provided loans worth more than £85m to businesses. A social impact report for the last financial year showed BCRS lent £5.8m to 72 businesses, safeguarding 675 jobs and creating 186 roles, adding £29.9m in value to the economy of the West Midlands and surrounding regions.
