A SCHEME set up by the West Midlands Combined Authority (WMCA) to fund apprenticeship training for small and medium-sized enterprises (SMEs) has smashed the £20million milestone.
The Apprenticeship Levy Transfer Fund enables large employers to pledge their unspent levy to fund the training of apprentices at SMEs – boosting the region’s economic recovery from the Covid-19 pandemic.
A total of £21m has now been pledged to the scheme and to date, 1,840 apprentices at 613 SMEs have benefited from the fund in the past two years.
The fund keeps levy money within the West Midlands, boosting skills, job opportunities and productivity by supporting more young people and adults of all ages into work.
Andy Street, the Mayor of the West Midlands said: “Even in these difficult times, we know there are still hundreds of apprenticeship opportunities in our region, with many of these in growth sectors such as digital and construction.
“Thanks to large organisations donating their unspent levy, we’re creating new job opportunities at companies who may otherwise have been unable to hire apprentices, and equipping local people with the skills employers need – both now and in the future.
“With National Apprenticeship Week starting today, it’s an ideal time for large employers in the West Midlands that haven’t spent all their apprenticeship levy, or SMEs thinking about taking on new apprentices, to get in touch with us and find out how we can help you get people into work.”
Lloyds Banking Group was one of the first large employers to join the Apprenticeship Levy Transfer Fund with a pledge of £3 million – one of the biggest contributions to date.
Jo Harris, Lloyds Banking Group ambassador for the Midlands, said: “Working with the WMCA to increase the number of apprenticeships at local SMEs, and help address skills gaps in the region, is an important part of our support to drive the economic recovery in the West Midlands.
“Apprenticeships bring tangible business benefits, including increased productivity and performance; enhanced engagement and loyalty; and creating a more diverse workforce. I would encourage other large businesses to help to boost the region’s economic recovery by donating their unspent levy to smaller employers.”
Large organisations who would like to transfer their remaining levy to a local SME, and smaller employers interested in tapping into the fund, can find out more by visiting www.wmca.org.uk/apprenticeship-levy or contacting [email protected]
