Three major changes have been announced by the Skills Funding Agency for LMAS provision which are outlined below:
- The requirement for the CEO or equivalent to be the beneficiary of the training will change so that organisations employing 10 or more will be able to delegate to another direct report who has strategic responsibility for the organisation (this is currently 50 or more)
- The current “straight line” growth projection of turnover or employment of 20% per year over 3 years (10% for Social Enterprises) will be changed to 60% growth projection over 3 years (30% for Social Enterprises). At present 20% year-on-year equates to 72.8% over a 3 year period. In addition, the new requirement will allow for more “lumpy” growth patterns
- The definition of eligible training is proposed to read “(development) which will support beneficiaries to fully engage and optimise the contribution of their staff or areas such as Business Development Strategy which would impact directly on the performance of the whole organisation and its capacity to grow i.e. activity focussed on one function of the SME such as Finance. Sales or Marketing is not eligible”.