News: Contract Law
East Midlands firms get funding for training
19 December 2007
A significant level of funding has demonstrated that investment in training is a key way for businesses to improve their competitiveness.
The East Midlands Development Agency has given the East Midlands New Technology Initiative (NTI) £425,000 in funding in order to help companies in Lincolnshire and elsewhere, the Lincolnshire Echo reports.
This financial assistance will be used to help smaller firms invest in equipment and training, and the funding has been given because of the high levels of demand for support experienced from businesses.
Hilary Whaley, executive director of the NTI, said: "The new allocation of funding is brilliant news. This year we have given match funded grants of £625,000 for investment in new technology.
"We're absolutely delighted with the response from businesses. They clearly see that investment in technology is the route to achieving a competitive edge and a successful future."
Separately, a new Barclays Commercial Bank report revealed the importance of training in businesses. Some 42 per cent of respondents said that skills shortages were threatening their operations significantly.
