The government published recent figures revealing 46,000 businesses have been set up so far through the New Enterprise Allowance (NEA).
Key findings highlight that 93,880 starts have been made with people beginning work with a business mentor. The aforementioned 46,000 have progressed to receiving the weekly allowance since the scheme was implemented in April, 2011.
Of those receiving NEA, 8,590 are registered disabled, with 18,630 working with business mentors. 32,030 people are claiming the weekly allowance, aged 25-49, with 3,370 aged 18-24 and 10,610 over the age of 50.
What do you know about the NEA, and could it apply to you?
The NEA was set up in April 2011 by the government to support small businesses and enterprise. It offers financial support to people claiming Jobseeker’s Allowance, benefits, lone parents and people on sickness benefits wishing to start up their own business.
Participants on the NEA scheme receive expert support and guidance from an assigned business mentor who offers help along the journey of developing individuals’ ideas into a business plan. If approved, the participant becomes eligible for the weekly allowance over a period of 26 weeks up to a total of £1,274. Participants can also access a loan through the Department for Business, Innovation & Skills start-up loan scheme.