The New Enterprise Allowance can provide money and support to help people start their own business if they get certain benefits and have a business idea that could work.
The scheme has resulted in:
- around 460 new businesses being set up each week – around 53,000 in total
- 12,360 businesses being started by people aged 50 or over
- 10,040 disabled people becoming their own boss
- 3,920 started by young people
People who don’t qualify for the scheme may be able to get other help with setting up a business.
Business Mentors have a key role to play
The New Enterprise Allowance is available to:
- people over 18 who are claiming Jobseeker’s Allowance
- lone parents on Income Support
- people on Employment and Support Allowance in the work-related activity group
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.
There are also Start Up Loans…
A government funded scheme to provide advice, business loans and mentoring to startup businesses