London Mayor Boris Johnson has announced a £1.5m fund to help London-based small businesses take on apprentices.
Thanks to the scheme, small businesses will be able to apply for a £3,000 incentive payment through the National Apprenticeship Service. It is hoped that this incentive (double the payment available in other parts of the country) will encourage London businesses to take on more apprentices, potentially creating 1,000 new places.
This new scheme is part of a £111m fund to help grow London’s business landscape and follows a £25m addition last month for providing loans to small businesses.
Announcing the latest addition to the fund today, the Mayor said “Small and medium-sized businesses are the lifeblood of the capital’s economy and central to providing employment opportunities for talented young Londoners. Companies that have already taken on apprentices know the difference they can make to the bottom line and so we want to encourage more firms to get on board.