Ten’s of Thousands of Pounds of Funding Available
January 25, 2021

Ten’s of Thousands of Pounds of Funding Available

Please note: This article was published on January 25, 2021 and may contain information that is no longer current or up to date.
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Tens of thousands of pounds’ worth of funding to help each Coventry and Warwickshire business nurture their future workforce is up for grabs – but company bosses need to act fast to take full advantage.

The Education and Skills Funding Agency is offering individual businesses up to £3,000 in grants for each apprentice that they hire before 31 March capped at a maximum of ten new hires until the end of March and Coventry’s leading further education provider, Coventry College, is urging businesses to contact them for advice over launching their own recruitment drive.

Under current government rules, businesses are able to receive a state backed £1,000 payment for every apprentice they employ that is aged 16 to 18, or is under 25 with an education, health and care plan or has been in the care of their local authority.

An additional incentive payment scheme has also been set up in addition to this £1,000 flat payment, whereby businesses who recruit a 16 to 24 year old apprentice receive £2,000, or £1,500 if they recruit someone aged 25 or over.

These payments apply to all businesses that hire a new apprentice before 31 March 2021 – meaning that if a business were to take on ten apprentices aged 16 to 18, they would receive £30,000 to support their workforce’s development.

Emma Ingram, Head of Employer Engagement and Sales at Coventry College, said: “The Covid pandemic has forced many businesses to hit the reset button and reflect on what direction their firm is heading in and how they can diversify, and the workforce forms a key part of those plans, so this additional funding is ideal.

“The amount of financial support currently on offer to help businesses transform the future skills of their company is unprecedented so now really is the time for SMEs and sole traders to capitalise on this if they weren’t already aware of the financial support that’s available.

“The money can be used to support each apprentice in any way each business owner wishes, whether that is for additional training, uniform, or their salary.

“Apprentices have a key role to play in helping companies to expand their services and safeguard their futures, and we would urge any company interested in taking on an apprentice to contact Coventry College to identify suitable candidates and find out more about the application process.”

Companies wishing to find out more about recruiting an apprentice should email
[email protected] or call 07468 724619/07974 245222