How can I fund apprenticeships in my business? What does an apprenticeship cost?
Full funding for SMEs
Fareport can match SMEs with a large employer who wants to support SMEs with their apprenticeship training. This means you can access full funding for all our apprenticeship courses. We will support you with the administration of transferring the funds from large employers including Hampshire County Council and Oxford University.
If you choose to fund the course yourself, small employers with an annual payroll of less than £3m need to pay 5% of the apprenticeship cost. The government will pay the remaining 95%. Current costs can be found in our Course prospectus below.
If you train a 16-18 year old you will be eligible for a £1000 Employer Incentive.
If you have less than 50 employees and train a 16-18 year old, the 5% employer contribution will be waived by the government.
Funding for large businesses
Since April 2017 large employers with a payroll of over £3m per year started to pay the Apprenticeship Levy of 0.5%. It is not too late to plan how your levy can support your company's training needs. Fareport can provide free advice on:
How the levy works
How to use your online Apprenticeship Service account
How to get the most out of the levy and choose the right apprenticeship training for your business.
If you would like a free consultation please contact our Business Development team. Or find out more about the Apprenticeship Levy in our FAQs,
If you train a 16-18 year old you will be eligible for a £1000 Employer Incentive. Current costs can be found in our Course prospectus below.
For more information on Apprenticeships or to recruit an apprentice, please contact the Business Development Team on;