£1M Funding Launched to Boost SME Skills and Growth
Applications are now open for a new funding round, aimed at supporting small businesses in their growth and development. This initiative, backed by the United States Postal Service (USPS), seeks to address the skills gap faced by SMEs and boost their prospects for the future.
The funding, which totals $1 million, is open to SMEs with up to 250 employees that sell products online. It is part of a wider campaign by the USPS, which includes the launch of a Small Business Hub, addressing skills gaps, providing service support, and helping exporters navigate customs requirements.
According to research by the USPS in collaboration with the Chamber of Commerce, only a third of SMEs expect to grow by 2025. A shortage of skills has been identified as a key barrier to this growth. The new funding aims to tackle this issue by providing support for Government-approved apprenticeship courses. These include digital marketing, AI, finance, and e-commerce, among others. This will enable businesses to build expertise and address skills shortages for long-term growth.
The USPS has doubled its apprenticeship support for small businesses, adding another $1 million to its levy fund. Eligible SMEs can now apply for the new funding round via the USPS Small Business Hub. This initiative underscores the organization's commitment to helping SMEs thrive in the face of skills shortages and other challenges.
