iwoca, one of Europe’s SME lenders, announces access to a £500,000 fund to help small businesses and employees build skills in artificial intelligence (AI) and data analytics.
Teaming up with learning provider Multiverse, iwoca can now transfer half of its unused apprenticeship levy (~£250,000) to “support SME owners and their staff.”
According to the scheme’s policy, a maximum of half the levy can be given to SMEs with the remaining amount used to “fund iwoca’s own cohort of apprenticeships or learning programs for current staff.”
This program will officially launch with a webinar in January, offering SMEs an overview of the training opportunities, which will reportedly be “followed by course enrolment starting in March.”
This initiative focuses on helping small businesses upskill their teams in everything from machine learning to data analytics, “providing them with the tech skills they need but often struggle to access or afford.”
Through specialized courses such as “AI-Powered Productivity”, “Data & Insights for Business Decisions”, and “AI for Business Value”, SMEs will be equipped with the tools “to boost productivity and foster innovation.”
By covering the cost of these training programs, iwoca is enabling businesses to save tens of thousands of pounds, making digital skills “accessible to small businesses and fueling their growth in an increasingly AI-driven market.”
Seema Desai, COO at iwoca, said that this partnership with Multiverse is all about giving UK small businesses and their employees “a real chance to gain AI and data skills which they can use to help their businesses thrive.” Desai added that they are pleased to see SMEs nationwide “getting access to the kind of training that’s usually only available to larger companies.”
This apprenticeship program aligns with government objectives to “upskill the workforce and boost economic growth.”
As digital transformation accelerates, SMEs are increasingly relying “on AI and data analytics to remain competitive.”
Gary Eimerman, Chief Learning Officer at Multiverse, said that small businesses are at the heart of the UK economy, and they “know their growth depends on having the right digital capabilities.”
Eimerman also noted that by funding these apprenticeships, iwoca is helping its customers “gain the tech and data skills they need to thrive.”