A new fund set up to help train apprentices in the West Midlands has been boosted by £750,000.
The Apprenticeship Levy Transfer Fund was created by the West Midlands Combined Authority (WMCA) to cover training costs for apprentices at SMEs in the region.
It has now welcomed the new injection of capital courtesy of builders' merchant Buildbase, the RAC and University of Warwick.
The apprenticeship levy is charged by HM Revenue and Customs on all businesses with a payroll of more than £3 million.
The levy is held by central Government and businesses across the country can apply for a slice of that funding to pay for up to 95 per cent of the costs of training their apprentices.
After a two-year period, unspent levy contributions are ‘sunset' and retained by the Government.
The £69 million Skills Deal agreed by the WMCA with the Government in 2018 enabled the establishment of its Apprenticeship Levy Transfer Fund by allowing the authority to partner large organisations with local SMEs.
It means unspent levy money is kept within the West Midlands region rather than being sunset.
It is estimated that more than West Midlands 150 apprentices have so far benefited from the combined authority's fund.
West Midlands Mayor Andy Street said: "The Government is enabling us to work with businesses to transfer levy funds in the region and now we are delivering on this to create more apprenticeships for local people.
"The success of the levy transfer fund depends on contributions from big employers so it's brilliant news that Buildbase, the RAC and University of Warwick are transferring their unspent levy funds to boost apprenticeship training at smaller organisations.
"Ultimately, we aim to collect up to £40 million to help local people to benefit from new opportunities, with more smaller businesses able to expand their workforce."
