More than 100,000 new businesses have been supported by
the NEA, new statistics
show. Launched in 2011, it’s an employment initiative to
help jobseekers become their own boss.
Successful applicants to the scheme get access to their
own business mentor, who provides them with guidance as
they develop their business plan. They can also receive
financial support for 6 months and apply for a loan of up
to £25,000 to help with start-up costs.
The next phase of the NEA will commence
on the 3 April 2017, and will continue to support people
until at least March 2019.
Minster for Employment said:
It’s fantastic that all across the country people are
turning their dreams into reality and becoming their
own boss.
Whether it’s a family-run toyshop, a graphic designer
or an environment-friendly bike maker, the New
Enterprise Allowance has supported thousands of
businesses in their early days and given them the
opportunity to flourish.
The figures show that of the individuals launching a
business:
- 69% were aged between 25 and 49, 24% were over the
age of 50 and 7% were aged between 18 and 24
- 39% were women
- 21% have a self-declared disability
- 13% were from a BME background
Swansea-based Matthew Senior turned to
the NEA for support in
getting his business idea off the ground (Gower Sailshade
& Awnings Ltd) a company that supplies awnings and
fabric structures for both homes and businesses. It’s
been so successful that he has also employed 2 part-time
assistants.
Commenting on starting his business, Matthew said:
What made all the difference was the business advice
and extra income I was able to get from
the NEA. It made me much
more focused and it’s great having a mentor to call
when I need advice.
