Apprenticeships are a big investment, not only of your time and effort but also of your business funds.
For those wondering if you can get a fully funded apprenticeship to train a new or existing employee, here is a quick guide to what is available and who is eligible.
Businesses with fewer than 50 employees, with a PAYE bill below £3M, who train an apprentice aged 16-18 will have their apprenticeship training costs fully funded by the ESFA (Education and Skills Funding Agency).
Larger business or those with older apprentices will only have 95 per cent of the apprenticeship training costs funded but may be eligible for other apprenticeship funds that can help towards the cost of the remaining five per cent (See below)
Read more about apprenticeship funding.
Fully funded apprenticeships are not only for new starters, they can also be used to upskill existing staff in your business.
Currently, the government will only provide full funding for apprentices aged 16-18 in small businesses. Larger businesses or those looking to train people 19 and over will have to pay for five per cent of the training cost – whether for a new hire or to upskill an existing employee through an apprenticeship- but may be able to use other apprenticeship funding sources for this.
All apprenticeship sectors are currently supported by the government funding scheme and have no additional bearing on what funding you can access from the ESFA.
Apprenticeship grants may be available to help your business provide a fully funded apprenticeship. Currently, the government is offering a £1,000 cash incentive for employers who take on an apprentice aged 16-18 (or under 25 with an EHC plan).
This is in addition to a £3,000 grant for companies taking on apprentices of any age before the end of January 2022. Grants may also be available from local authorities and industry associations.
Gifted apprenticeship levy funds from larger organisations can help you make up the 5% payable if you don’t meet the eligibility for fully funded apprenticeships. Find out more about Levy Gifting.
Apprenticeships are one of the best ways to bring in new talent and upskill existing staff but we know it can be a confusing process. That’s why our experienced team will take the hassle out of the process and guide you through the process from start to finish.
Find out more about how we can help with your apprenticeship funding or call our team of friendly experts on 03333 222 666.