As part of the government’s scheme to find and keep people in work they have introduced The New Enterprise Allowance.

This is funding which will help people start their own business if they are on certain benefits and have a good business idea which would work.

Already the scheme has resulted in:

– around 53,000 new businesses have been set-up by people on benefits who want to be their own boss.
– 10,610 businesses have been started by people aged 50 or over.
– 8,590 disabled people have become their own boss.

Vincent & Co buisness ownerThe scheme provides jobseekers with start-up help and advice from a business mentor and financial support payable through a weekly allowance.

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.

The New Enterprise Allowance is being managed by JobCentre Plus. For more information visit https://www.gov.uk/new-enterprise-allowance

The scheme is now responsible for a wide range of new businesses across Britain, including:

– a jewellery boutique that has featured its wares in Vogue magazine
– a greeting card company catering for religious festivals, weddings and birthdays
– a carousel refurbishment business whose horses have appeared in Beyoncé concerts and Oasis clothing stores.

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 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.”

Interested in becoming your own boss? We recommend you speak to us at Vincent & Co first, then we’ll help you through the scheme.