The New Model Business Academy received just over half the Government funding for its apprenticeship programme it was hoping for, which has led to paraplanner and administrator apprenticeships being shelved.
NMBA, which is part of the SimplyBiz Group, announced earlier today it is opening applications for its apprenticeship programme this week.
In December, it received funding from the Education and Skills Funding Agency.
NMBA says financial modelling for the apprenticeship programme was initially based on 100 apprentices starting their training with NMBA up to the end of March 2019. That would have required funding of £412,000.
However, the business was actually awarded £218,000, just over half of the required amount.
A statement from NMBA says: “We have therefore decided to only offer apprenticeships in financial advice, and not other roles such as administrator and paraplanner.”
It says that once the programme is underway there will be further opportunities to apply for funding and expand it.
In a statement earlier today SimplyBiz chair Ken Davy said the Government funding was lower than the business had originally hoped but that it is an “important first step”.