More than 1,000 unemployed people across Lincolnshire, Rutland and Nottinghamshire, have stopped claiming benefits after setting up their own business using Government support.
Since its launch in 2011, the New Enterprise Allowance has created 40,240 new businesses across Britain. It offers expert mentoring and financial support to people on Jobseeker’s Allowance, lone parents and people on sickness benefits who want to start their own business.
Prime Minister David Cameron said: “I am determined to do all I can to support the economy and that includes helping small businesses and budding entrepreneurs to get on.
“In the last two years we have helped tens of thousands of people to turn their ideas into a viable business through the New Enterprise Allowance and I am delighted that so many people in have benefited in Lincolnshire, Rutland and Nottinghamshire.”
People on the scheme get help and advice from a business mentor who will help them to develop their 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. Participants can also access a loan through the BIS start-up loan scheme.
Mentors also continue to give the budding entrepreneurs on-going support during the early months of trading.