A training scheme set up to help small and medium-sized enterprises (SMEs) has now funded more than 5,000 apprentices.
According to the WMCA, over 2,500 businesses have benefitted from around £51m of pledged donations from larger levy-paying companies through the Apprenticeship Levy Transfer Fund.
Under the scheme, some of the largest businesses in the UK have covered 100% of the training cost of apprentices for SMEs.
They do this by donating their unspent apprenticeship levy, which is charged annually by the government, to the WMCA rather than giving it back to HMRC.
Large firms are putting millions of pounds into the scheme
Twelve large employers including HSBC, Amazon, Compass Group, Lloyds Banking Group, Birmingham City Council and more have all donated nearly £3.8m, supporting 216 SMEs and 563 apprentices since May 2024.
Richard Parker, WM Mayor, said: “Apprenticeships are a fantastic opportunity for people to get the skills they need to pursue the career they dream of.”
He said the scheme supports businesses by attracting future talent and improving the skill sets of their existing workforce.
The WMCA is encouraging even more businesses to register their interest so the scheme can go even further.
