Apprenticeship Funding for Small Businesses
Small businesses can get access to government apprenticeship funding that makes developing your team or recruiting new talent very affordable for your organisation.
Businesses with a pay bill under £3 million (non-levy employers) can get significant government funding which makes apprenticeships very cost effective. The government will fund 95% of the apprenticeship training costs, with SMEs contributing just 5%.
If you employ apprentices aged 18 or under and you have less than 50 employees, the government will fully fund the training costs for apprentices.
Benefits of Apprenticeship Training for smaller businesses
- Apprenticeship training combines online, work and class-based training. For employers, this means that apprentices will be building skills that are directly relevant to their business.
- According to a report by the Federation of Small Businesses (FSB), around a quarter of small businesses already employ apprentices and a further 24 per cent would consider taking them on in the future.
- Apprenticeships aren’t only for school leavers. Being able to upskill your staff with an apprenticeship means that existing employees can develop their skills and strengths through apprenticeship training.
- For small businesses, having access to government funds without having to pay the cost of the levy makes training apprentices a cost-effective way of developing your staff.
Drawing on our long-standing experience in supporting businesses and organisations in developing their workforce, we will work with you to develop a training plan to suit your business needs. If you would like help or advice on apprenticeships for your SME, please contact us today.