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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.
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:
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.
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.
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:
And one of the following:
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.