Figures released by the Department of Work and Pensions reveal that since the launch of the New Enterprise Allowance in April last year 4,560 individuals have launched their own business.
In response to the large take up ministers are considering whether to extend the programme and offer mentoring support to individuals who have been on jobseeker’s allowance for more than three months in a bid to get more people to start up their own business.
Employment Minister Chris Grayling outlined that he was “delighted” in the progress of the programme, further arguing access to schemes like the New Enterprise Allowance and mentoring programmes at an earlier stage for those who are out of work is integral to helping more people realise their dreams and give a significant stimulus to the UK economy.
Under the New Enterprise Allowance Job Seeker Allowance Claimants aged 18 and over who have been claiming for more than 26 weeks get access to to a volunteer business mentor to help develop their idea and through the first three months of trading. Once claimants can demonstrate they have a viable business proposition they have access to a financial package worth up £2,274.
