Brown Butler Logo

0113 246 1234

0113 246 1234

What is the Flexible AI Upskilling Fund?

A new programme has been introduced to assist small and medium-sized enterprises (SMEs) in the Professional Business Services sector, spearheaded by the Department for Science, Innovation and Technology (DSIT).

Named the Flexible AI Upskilling Fund, this initiative dedicates £6.4 million to addressing the skills gap through the promotion of AI training.

Funding overview

The Flexible AI Upskilling Fund provides a significant opportunity for SMEs, by offering to subsidise up to 50 per cent of the costs associated with AI training.

This funding aims to strengthen the AI capabilities of SME employees, helping to enhance their productivity and competitive advantage.

Funding availability

The grant funding totalling £6.4 million will be accessible throughout the financial year running from April 2024 to March 2025.

Businesses are required to complete their training and all relevant invoices must be submitted for reimbursement by February 2025.

The grant amount each business can receive depends on its size, with a requirement that the business matches the funding amount, effectively doubling the investment in training.

Eligibility

For businesses interested in applying for the fund, detailed eligibility criteria can be found here.

An accountant can help you with your application and tailor it to meet the specific requirements, prepare all necessary financial documentation and calculate the matching funds needed.

Their proficiency not only enhances the chances of obtaining the grant but also ensures a seamless and regulatory-compliant application.

Objectives of the Flexible AI Upskilling Fund

Studies have shown that the slow uptake of AI technologies among UK businesses, especially SMEs, is largely due to insufficient investment in necessary skills.

The AI training funds are designed to tackle several key challenges:

As industries continue to evolve with AI innovations, upskilling employees is essential for maintaining a competitive and future-proof business.

Identifying opportunities for growth

Accountants are crucial in identifying opportunities for enhancing productivity and fostering growth within businesses.

They help pinpoint areas where improvements in efficiency and automation can be made, guiding businesses on strategic applications for available funding.

Their expertise in financial compliance ensures businesses can capitalise on these opportunities while adhering to regulatory standards.

For guidance on applying for the Flexible AI Upskilling Fund, get in touch with our team today.

Categories

Can't find what your looking for? Search