Recruitment consultancy Fern Global is targeting significant growth after securing a £250,000 factoring facility from Lloyds TSB Commercial Finance.
The Sheffield company was founded in 2007 and has customers ranging from sole traders to large PLCs.
Last year was the company’s most profitable 2010 yet and sought the cash flow facility so that it could maintain its momentum.
Director Stephen Mclean said: “We found 2008 and the beginning of 2009 tough as the recession hit and more and more businesses stopped recruiting. However, last year was our most profitable yet as an increasing number of employers sought temporary workers.
“This market trend is set to continue and I am feeling confident that 2011 will see more firms seeking to recruit more full-time members of staff, which is good news for us and all those looking for work at the moment.
“With the support of Lloyds TSB Commercial Finance we are now in a position to capitalise on the improving conditions and this year we are on track to have our most profitable year since inception.”
Sue Pendergast, client manager at Lloyds TSB Commercial Finance, said: “It’s fantastic to see Fern Global in such a strong position financially, especially when the sector is still affected by the economic downturn and recovering slowly.
“It is essential for companies growing at this pace to put in place a long-term expansion strategy to make the most of the available opportunities and a free-flowing cash flow is key to this.
“The factoring facility is also ideal for smaller businesses, as it has a built-in debt management facility which frees up a considerable amount of time that would be previously spent chasing debtors.”