A scheme set up to fund apprenticeship training for SMEs has now supported more than 4,000 apprentices and 1,683 businesses after receiving £47.6 million of pledged donations.
Originally set up in March 2019, the West Midlands Combined Authority's Apprenticeship Levy Transfer Fund allows UK companies to cover 100 per cent of the training cost of apprentices for SMEs by donating their unspent apprenticeship levy.
The apprenticeship levy is charged by HM Revenue and Customers and held centrally by the UK government.
Businesses across the country can apply for funding to pay up to 95 per cent of the costs of training their apprentices but unspent contributions are ‘sunset' and retained by the Government after a two-year period.
Under the West Midlands Combined Authority's deal, regional organisations can transfer their unspent levy to its own fund which therefore keeps the money within the West Midlands and avoids the risk of it being sunset.
West Midlands Mayor Andy Street said: "The Apprenticeship Levy Transfer Scheme has been a resounding success for our region.
"It's fantastic to see it reach the significant milestone of supporting over 4,000 apprentices - improving skills, providing jobs, and changing lives.
"The skills that people are learning as a result of the scheme will set them up well for future careers and ensure we provide a lasting legacy for people across the region.
"Thanks to the funds that larger businesses have donated, a total of 1,683 small- and medium-sized enterprises have already directly benefited by being able to bring on board apprentices and by upskilling existing employees."
