Definitions
An (universal) algebra is a pair $\mathcal A=(A, (f_1,\dots, f_n))$ where $A$ is a non-empty set and $(f_1, \dots, f_n)$ is a family of finitary operations on $A$. The notation $o(f_i)$ will be used for the arity of $f_i$.
Given a subset $X$ of $\mathcal A$, the subalgebra of $\mathcal A$ generated by $X$, $\langle X\rangle$, is the smallest superset of $X$ stable by all $f_i$ functions. A subset $X$ is called generating iff $\langle X \rangle=A$.
A map $h:A\to B$ is called a homomorphism between $\mathcal A=(A, (f_1,\dots, f_n))$ and $\mathcal B=(B, (g_1,\dots, g_n))$ iff for all $i$ and $a_1,\dots, a_{o(f_i)} \in A$, $h(f_i(a_1,\dots, a_{o(f_i)}))=g_i(h(a_1),\dots, h(a_{o(f_i)}))$. A subset $X$ of $\mathcal A$ is called free if any function with domain $X$ can be extended to a homomorphism. (Obviously, we only consider functions that have an algebra with the same signature as codomain)
Question
What can be said about generating subsets when all free subsets are finite?
(It'd be really awesome if it implied the existence of a finite generating subset)