Through the Close Brothers SME Apprentice Programme, Close Brothers will contribute to the cost of apprentices for 20 SMEs who might otherwise be unable to afford to take on a new apprentice.

With the support of the University of Sheffield AMRC Training Centre and the Manufacturing Technologies Association (MTA), the programme will help SMEs recruit and train a new generation of advanced engineering workers.

Close Brothers will help pay for 20 apprentices to learn their skills at the AMRC Training Centre. It will fund half of the new recruits’ wages during the first year and a quarter in the second, meaning participating SMEs won’t have to bear the full cost of employing the apprentices until they are making a positive contribution to their business. The first intake will be in September 2015.

 

The objective is to recruit a further 20 apprentices in year two and 20 more in year three, meaning Close Brothers will be supporting up to 60 apprentices in the scheme at full capacity.

Close Brothers believes the SME sector is the lifeblood of the UK economy and also firmly backs the role of apprentices in helping SMEs grow. Apprenticeship schemes can help SMEs, particularly those in engineering and manufacturing, to bridge a looming skills gap that threatens their success and the health of the wider UK economy. Engineering UK has warned that the UK does not have either the current capacity or the rate of growth needed to meet the forecast demand for skilled engineers by 2022.

 

Close Brothers has been a long-term supporter of SMEs, doubling its lending to the sector since 2009, and in launching this innovative new scheme is again demonstrating this commitment. The scheme is open to all SMEs, not just those currently working with Close Brothers.

 

Close Brothers, the MTA and the AMRC Training Centre will offer further support for participating companies and there are plans to bring the SME apprentices and Close Brothers’ own financial apprentices together for team building and other events.

 

Close Brothers Banking division Chief Executive Stephen Hodges said: “We know from our work with SMEs that many would like to take on apprentices but they are worried about the cost, time, and resource involved. Britain’s manufacturing companies urgently need to recruit and train a new generation of skilled engineering workers if they are to grow in an increasingly competitive global market: we hope our initiative will help more SMEs to do just that. We believe this pioneering scheme will provide genuine financial support to the SME sector.”

 

James Selka, CEO of the MTA said: “Companies need highly skilled workforces to enable them to get the most out of the latest technology they need to deploy to stay ahead. This initiative offers smaller firms the chance to be at the forefront of securing those skills for their futures. They, no less than larger companies, need to increase side-by-side investments in technology and skills to be globally competitive and meet customer demands for versatility. This scheme will help them do just that.”

 

AMRC Training Centre Director of Training, Alison Bettac said: “We are really grateful to Close Brothers for creating this golden opportunity for smaller firms to put fears of the costs and the administrative burden of employing an apprentice to one side.

 

“In addition to getting a high-quality vocational education, shop floor skills and access to employment, apprentices at the AMRC Training Centre can also be taking the first step on a road that could lead to undergraduate and post graduate qualifications that could make them company leaders in the future.”