Social media recruitment startup gets UK govt finance, one of the slew of social media enabled graduate recruitment sites to launch this year, has had £102k in finance from RBS under the government’s new Enterprise Finance Guarantee (EFG) scheme that encourages business growth and staff expansion.

Like many social media takes on traditional approaches, flips the recruitment model, allowing graduate job seekers to interact with employers of choice directly via Facebook, Bebo and MySpace. The company has operations in the UK and India.

The idea is that companies can reduce their recruitment costs and use social networks for recruiting without themselves having to take the plunge and get to grips with the medium. The site is the brainchild of 25 year old Lucian Tarnowski, who in his student years ran Take Heart India, one of the UK’s only entirely student run charities.

Last month he picked up the gong for Global Enterprising Young Brit in the Make Your Mark awards backed by the British Chambers of Commerce, the CBI, the Federation of Small Businesses and the Institute of Directors.

Under the EFG scheme the government guarantees 75% of any loans made, with the bank covering the remaining 25%. It’s open to profitable businesses with an annual turnover of up to £25m, seeking loans from £1k to £1m.