A scheme set up to fund apprenticeship training for small businesses in the West Midlands has surpassed the £40 million milestone.
The figure has helped more than 3,000 people across the region take their first steps onto the career ladder and enabled local businesses to pay a better apprenticeship wage to attract staff.
Launched in 2019 by the West Midlands Combined Authority, The Apprenticeship Levy Transfer Fund allows companies to cover 100 per cent of the training cost of apprentices for SMEs by donating their unspent levy to the authority rather than seeing it returned to the Government.
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The authority said that, to date, a total of 1,043 SMEs from across a wide range of sectors had benefited from the fund and therefore created more jobs.
West Midlands Mayor Andy Street said: "A key part of my mayoral mission is to ensure local people have the skills they need to succeed.
"That's why it's fantastic news that, in just under four years, our Apprenticeship Levy Fund has been backed by our region's bigger businesses to the tune of over £40 million. These donations from businesses help to support the growth of talent working at SMEs right across the West Midlands.
"We've made real progress in tackling youth employment which has meant that over 3,000 people who may not otherwise have been given the chance have been guided onto the first step of their career."
Cllr George Duggins, combined authority skills chief and leader of Coventry City Council, added: "This is yet another fantastic milestone for the Apprenticeship Levy Fund and it is great to see that over 3,000 people in the West Midlands have been able to get onto the career ladder at a challenging economic time thanks to the donations of bigger businesses."