A Plymouth recruitment firm has secured a six-figure loan to safeguard it during the coronavirus pandemic and effects of the lockdown.
RSD Recruitment, which was founded by Rob Dyson in 2016, primarily recruits for the retail, leisure and hospitality sectors but in January 2020, it started a foster care division in partnership with one of the UK’s leading foster agencies.
The funding package from HSBC UK has allowed this fledgling division to continue operating over the past three months, at a time when it was under threat because of the Covid-19 crisis.
The funding was secured from the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
The loan will also allow RSD Recruitment to finalise its expansion in Birmingham. The company has plans in place to open an office and employ four new members of staff in the Midlands city during the next few months.
Rob Dyson, Director of RSD Recruitment, said: “Coronavirus has had an impact on all industries and unfortunately, recruitment is no exception.
“We hadn’t long launched our new fostering division when the outbreak hit, which was particularly challenging because there was a risk we’d lose this much-needed part of the business.
“With the help of HSBC UK and especially our relationship manager Sarah Drake, we were able to give our employees a sense of security and continue funding the fostering division we are so proud of, as well as finalise future expansion plans.”
Mark Self, Area Director for Devon, Cornwall & Somerset at HSBC UK, said: “We are pleased that we could support the business, particularly the new foster care division, during these difficult times and look forward to continue seeing it flourish as they continue to open offices around the UK.”
Cattedown-based RSD Recruitment offers a range of services, from bespoke account management to client tailored packages, bulk vacancy purchases, retained assignments and dedicated consultants for a business. It specialises in financial services (IT), tool hire, construction and engineering, logistics and retail.
Businesses with a turnover up to £45million are able to access loans of up to £5million under CBILS. But the entire loan does have to be paid eventually. British Business Bank operates CBILS via its accredited lenders. There are over 40 of these lenders currently working to provide finance.
