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New Funding for Business Skills

A new scheme has been announced this week aiming to help businesses grow a skilled workforce and improve their prospects for growth. Businesses across the country can now apply for a share of a £150 million fund to create training schemes. If your business is looking to grow, then investing in your work force is an essential part of getting to the new level. With business funding options from the banks often limited, it’s worth knowing about all the available schemes that are looking to help businesses such as yours.

This fund is the second round of the Employer Ownership Pilot (EOP) which has already given away nearly £70 million to businesses for projects such as extending skills training to local suppliers, to doubling the number of female apprentices. Government investment in this scheme now tops £250 million making it a substantial pool of funds which businesses can benefit from.

In order for the UK economy to recover further it’s important that businesses have all the skills that they need to grow. The Skills Minister Matthew Hancock has commented: ‘For Britain to recover we need as a nation to deliver the skills employers need. This is a unique opportunity for companies across all industries to secure their futures by addressing their skills needs now. I would encourage businesses – large and small – to be ambitious and innovative in their vision for how the fund can help them grow, from creating new apprenticeship programmes to setting up specialist training academies.’

This scheme is for all sizes of business, so even SMEs can benefit and not just the larger companies who have already been taking advantage of the programme. If you want to grow your business, then alternative funding measures such as this could be worth exploring.


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