Government launches £30m SME funding pot

The Government has launched a new fund to help small and medium sized engineering firms grow their businesses.

The funding comes as part of a Government initiative to give employers control of skills and support the British engineering industry.

Companies with less than 250 employees can apply for a share of the first £2.5 million of the £10 million match funding pot to develop training specific to their company.

It’s easy for the companies to apply, and successful bidders will receive a funding offer within five weeks.

The fund is part of a £30 million initiative to join businesses and the Government together to invest in engineering skills, following Professor Perkins’ review of engineering skills which argued that substantially increasing the number of engineers would help the UK economy.

Skills Minister, Nick Boles, felt that people are a company’s greatest asset and therefore making sure they have the right skills is vital in supporting a long term economic plan.

“This funding gives employers the power to unlock the full potential of their workforce by designing and developing training catered to their specific needs,” he said.

“I encourage all small and medium sized engineering firms to consider how they could use this funding to take their business to the next level.”

Head of Skills and Employment Policy at AAF, Tim Thomas, was delighted that this scheme is now open to SME employers and that the minimum grant, which a company would need to match with their own money, has been dropped to £10,000.

“This makes the scheme far more accessible and reflects more realistically the amount many smaller companies may be able to invest in skills and training,” he said.

“It recognises the fact that many SMEs want to do more and provides solid support to help them achieve this.”