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24+ Loans; Impact and Actions for Independent Training Providers The Babington Group

24+ Loans; Impact and Actions for Independent Training Providers The Babington Group. Nichola Kitching Business Development Manager. Aims of the Session. Describe the actions Babington have taken to prepare for 24+ Loans.

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24+ Loans; Impact and Actions for Independent Training Providers The Babington Group

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  1. 24+ Loans; Impact and Actions for Independent Training Providers The Babington Group

  2. Nichola Kitching Business Development Manager

  3. Aims of the Session • Describe the actions Babington have taken to prepare for 24+ Loans. • An opportunity to review your own preparations and identify any further actions needed. • Share experiences with other providers.

  4. 5 Stage Readiness Process • Information gathering and analysis • Decision Making • Action Planning • Implementation • Review

  5. 1. Information Gathering and Analysis Analysis of potential impact of loans on the business • Financial viability of each programme • Impact on income of the loss of grant funding • Programme offer

  6. 1. Information Gathering and Analysis Review of Market Place • Competitor Analysis • Sector Analysis

  7. 1. Discussion Points • Have you spoken to your learners to gain feedback? • Have you used the LSIS/AELP toolkits? • Have you carried out a financial viability study on each of your programmes?

  8. 2. Decision Making Which programmes to offer? Think carefully about the sector VAT implications Impact on income of the loss of grant funding Payment options for the learners

  9. 2. Decision Making • Marketing and Sales strategies • Will you actively market loan provision? • Who will be your main target – learners or employers? • Our approach

  10. 2. Discussion Points • Have you considered the business impact of the loss of grant funding – do you have alternative plans? • Have you set your fees and considered your approach to VAT and payment options? • As a sub-contractor do you have an agreement in place with your prime? • OR • As a prime contractor have you decided on your approach to subs and management fees?

  11. 3. Action Planning • Full Timeline Action Plan with SMT responsibility. • This included key milestones around: • Surveys • Sales Strategy • IAG processes • Competitor analysis • Administration processes

  12. 4. Implementation Communication with: • Staff • Learners • Partners • Keeping up to date: • SFA meetings • LSIS/AELP webinars • Student Loan Company support • National Implementation Group

  13. 4. Implementation • Bursary • To support Vulnerable and Disadvantaged learners • 3 rates available to be claimed per learner, per month £50, £150, £250 • Evidence is key

  14. 4. Implementation Development of new processes Development of new literature

  15. 4. Discussion Points • Have you developed new administration processes? • Have you established a Communications Strategy? • Have you developed a Sales Strategy?

  16. 5. Review Formal reviews of effectiveness of our approach scheduled at: • 1 Month • 3 Months • 6 Months after August implementation

  17. 5. Discussion Points What questions do you still have?

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