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Funding to boost apprenticeships in London SMEs
A £14m fund to encourage small and medium sized-businesses take on an apprentice this year has been announced by the Mayor of London.
From 1 January 2015, London companies can apply for the enhanced Apprentice Grant for Employers (AGE) which will rise from the current limit of £1,500 to £3,000. The funding pot for small and medium-sized businesses, which was secured by the London Enterprise Panel through its Growth Deal with Government, will allow employers to apply for £3,000 per apprentice they employ.
In London there are more than 900,000 private sector small and medium-sized businesses with a combined turnover of over £460 billion. Companies the Mayor believes are central to the continued strength of the capital’s economy and to ensuring that young Londoners in search of work are helped on to the career ladder.
The Mayor of London, Boris Johnson, said: “More than 20,000 workplaces in the capital are already benefiting from having apprentices in their workforce. A large proportion of these are small and medium-sized businesses but we want to help even more of these companies take on even more apprentices. I urge company bosses from all corners of the capital to take up this cash incentive and help young Londoners in 2015 get a foot on the ladder to success.”
Despite the take up of apprenticeships reducing in the last financial year, so far the National Apprenticeship Service has seen the creation of more than 170,000 apprenticeships in the capital since 2010.