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September 26, 2014
NEA helps 53,000 to start up their own firms
More than 53,000 new businesses have been set up thanks to a government scheme that helps people on benefits start their own enterprises.
The New Enterprise Allowance (NEA) has helped jobseekers of all ages, lone parents and people on sickness benefits to turn their entrepreneurial dreams into a reality. More than 53,000 new businesses have been set up – an average of 460 every week over the past year.
The scheme provides jobseekers with start-up help and advice from a business mentor and financial support payable through a weekly allowance. Participants can also access a loan through the BIS Start Up Loan scheme.
Minister for employment Esther McVey said: “Tens of thousands of new and innovative businesses are now up and running thanks to the scheme, some of which are now employing people and are helping to make the goods and provide the services which are powering the UK’s economic recovery.”
People on the scheme get expert help and advice from a business mentor who will help them to develop their business idea and write a business plan. If the business plan is approved, they are eligible for financial support, payable through a weekly allowance over 26 weeks up to a total of £1,274. Mentors continue to give the budding entrepreneurs ongoing support during the early months of trading.
The scheme helps people of all ages – 12,360 businesses have been started by people aged 50 and over and 3,920 have been started by young people.
Levi Roots, the NEA ambassador and founder of Reggae Reggae Sauce, said: “Working your own hours, being your own boss and making your own money are just some of the reasons I started working for myself. But, as a businessman, I know how hard it can be to get started. That’s why I’m pleased to see the wide range of support that is available to all of those potential self-starters.”
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