The New Enterprise Allowance (NEA) has helped jobseekers of all ages, lone parents and people on sickness benefits turn their entrepreneurial dreams into a reality and set up sustainable businesses. 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
“Small businesses are the backbone of the UK economy and are delivering a significant share of new vacancies – and it’s thanks to their hard work, creativity and entrepreneurial spirit that we are recovering from one of the biggest recessions in living memory.
“As part of the government’s long-term economic plan we are successfully moving people off benefits, and helping them to achieve their dreams of becoming their own boss.
“Tens of thousands of new and innovative businesses are up and running thanks to the scheme, some of which are now employing people and helping to make the goods, and provide the services, which are powering the UK’s economic recovery”.
The figures published as of 25 September show that the scheme has helped more than 50,000 new businesses across the UK. It has also helped people of all ages, with 12,360 businesses started by people aged 50 and over, and 3,920 businesses started by young people.
For the full press release visit www.gov.uk