Championing apprentices
Having a motivated, skilled and qualified workforce is vital to a manufacturer’s current operations as well as their future. Hiring an apprentice offers employers a unique opportunity to grow and develop talent whose skills and experience is specifically aligned to the business’s needs. And with our support, it can be more affordable than you might expect.
SME Apprentice Support Services
We understand that the rules, regulations and processes surrounding apprenticeships and funding can feel like a challenge. Our partnership funding has been used to develop the Manufacturing Technology Centre’s (MTC’s) Apprentice Support Service which aims to:
- Help SMEs to quickly and simply understand the complexities of apprenticeship funding and Levy Transfer support.
- Help find and recruit the right apprentice for your business through any of the MTC’s training centres.
- Provide a dedicated response service via the phone and online to support SMEs with any additional apprenticeship queries.
To qualify for this service, you must be an SME as defined by the European commission, employing fewer than 250 people and with an annual turnover of up to €50 million or a balance sheet total of no more than €43 million.
Lloyds Bank Levy Transfer
The Apprenticeship Levy was set up by the government to create long term sustainable funding for apprenticeships. While SMEs don’t have to pay the apprenticeship levy, our Levy Transfer Fund helps SMEs to take on apprentices by covering the cost of apprenticeship training.
Lloyds Bank has made 25% of its Apprenticeship Levy available to support the UK economy to grow. Through our partnership with the MTC, small businesses in the local area can access the funding to enable the development of their existing workforces, as well as improving career opportunities for young people.
The Levy Transfer can be used to fund both Level 3 and Level 4 apprenticeships, delivered from the MTC’s training centre based in Coventry and Oxfordshire.
SME Salary Support Scheme
In addition to the Levy Transfer, our partnership funding can also contribute to the Level 3 apprentice’s first year salary. This financial support de-risks the first year of the programme, which the apprentice spends full-time in the training centre, developing a full foundation of skills that will help them to quickly add value to your business from year two onwards. This means your business only begins to pay for the apprentice’s salary, in full, when you and your teams begin to benefit from their impact when they return to the workplace.
To be eligible for the salary support scheme, your organisation must be:
- An SME with less than 50 employees
And one of the following:
- An existing Employer Partner of MTC Training or Oxfordshire Advanced Skills that has not recruited an apprentice in the last 2 years.
- New to MTC Training or Oxfordshire Advanced Skills (not an existing Employer Partner).
- A direct referral from Lloyds Bank.
The MTC have a number of part-trained, young people looking to explore the future opportunities manufacturing has to offer them and your business.
5000 apprentices, graduates and engineers to be trained and upskilled by 2030.
You may also be interested in:
Important Legal Information
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.