32,520 new businesses started with New Enterprise Allowance
Since the government introduced the New Enterprise Allowance in 2011 over 32,500 new businesses have been set up using the scheme, new figures have shown.
The New Enterprise Allowance was set up to provide money and support to help people start their own business if they get certain benefits. The business idea will be assessed by a specialist and if it is seen to have potential the applicant will get access to financial support and a business mentor.
The overall aim is to help people who have previously been on benefits turn their business ideas into successful enterprises.
Figures released yesterday show that around 2,000 new businesses are being set up every month using this scheme. The figures also follow the government’s recent announcement to extend the scheme until 2016.
The scheme is not just limited to young people, with over 7,500 new businesses being established by people aged 50 or over. There have also been over 6,000 disabled people who have been helped by the scheme.
Minister for Employment Esther McVey commented on the figures, saying:
“Starting your own business takes guts and passion. We’re seeing tens of thousands of people coming off benefits to set up their own company and creating a new enterprise generation. You also need support and advice if you are to turn your ideas into a successful business, which is what New Enterprise Allowance provides.
With the economy growing, small businesses are vital to the continuing success of the country, so it’s great that we have been able to extend the New Enterprise Allowance until 2016 in order to help even more budding entrepreneurs achieve their dream of being their own boss.”
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