Government Launches New Business Growth Fund

The Government has launched a £50 million a year fund designed to help businesses develop the skills essential to drive economic growth. The Growth and Innovation Fund (GIF) will deliver targeted help for employer groups to overcome barriers to growth within their sectors and industries. The funding could deliver new training to boost innovation and productivity, enable industries to set new professional standards, or support new or extended National Skills Academies.

The Department for Businesses, Innovation and Skills (BIS) is investing up to £50 million a year in partnership with businesses, whose investment alongside Government could deliver a total of up £100 million a year through the new fund.

GIF, which will be delivered in partnership by the UK Commission for Employment and Skills (UKCES) and the Skills Funding Agency (SFA), invites proposals from employer organisations such as Sector Skills Councils, professional bodies and trade associations. The programme prospectus outlines three types of project where GIF funding and employer investment can be brought together:

• Best Market Solutions: which will invest in the best innovative ideas to drive enterprise and remove skills barriers to growth, including through the introduction of new voluntary professional standards and voluntary training levies.

• National Skills Academies: expanding the successful network of National Skills Academies, which already exist in 16 sectors such as environmental technology, railway engineering and retail.

• Joint Investment Programme: bringing together employer and public investment in specific training projects which improve business productivity and growth, or address skills gaps and shortages.

GIF will invest in a range of projects to raise skills levels and support growth. The Government is not being prescriptive on the value of applications; however, the selection criteria include looking at the scale and impact of proposals and how well proposed solutions meet priority needs identified by bidders in their sectoral analysis of what can unlock growth potential. For that reason, applications with a very small value will not generally be accepted.

Ways to get in touch

For further information please check the BIS website www.bis.gov.uk

 

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