The Department for Business, Innovation and Skills will provide £34 million in new funding for the project in the 2012-13 financial year, while businesses can still bid for £29 million in grants that remain available this year. With matched funding from businesses, there will be around £60 million available under the Growth and Innovation Fund this year.

The fund offers targeted help for employer groups to overcome barriers to growth within their sectors and industries. The funding is already supporting 15 projects across the country to deliver new training to boost innovation and productivity, enable industries to set new professional standards, and support new or extended National Skills Academies.

Business secretary Vince Cable comments, ‘The government understands we need to tackle the skills shortages that are holding companies back. Through this fund, we will support employers that take collective action to overcome these barriers, helping to rebalance and grow our economy.

‘By putting the employer’s voice at the heart of the process, we will reward inventive approaches to training that deliver real help to get business moving.’

Earlier this year in collaboration with nine other founding members of the Hospitality Guild’s People 1st programme successfully put forward a bid for funding under the scheme.