New Enterprise Allowance and Start-Up Loan scheme given £69m boost

Aspiring entrepreneurs throughout the United Kingdom will get financial backing from the Government after it announced a £69m package of support aimed at creating thousands of new businesses.
 
Prime Minister, David Cameron has confirmed he is determined to help people who want to strike out on their own by encouraging small businesses to get on, while creating jobs and providing a boost to the economy.
 
The New Enterprise Allowance, which provides money and support to help entrepreneurs start their own business, has been extended for new starters up until the end of 2014. The scheme has already helped create more than 26,000 businesses with those eligible receiving a loan, a weekly allowance and a mentor to help develop business plans.
 
Around half (£34m) of the new funding will go towards Start-Up Loans that will support around 7,600 businesses. The scheme has already proven to be incredibly popular, with around 35,000 entrepreneurs registering an interest in a loan and nearly 8,000 start-ups already benefitting from the scheme.
 
The Prime Minister is set to host a Downing Street reception in order to celebrate British enterprise, attended by more than 70 new UK firms to have benefitted from the New Enterprise Allowance and Start-Up Loan schemes.
 
Prime Minister, David Cameron, said: "I am determined to do all I can to support the British 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, and this additional support will help thousands more.
 
"My message is simple: if you have drive, determination and are prepared to work hard, we will back you."
 
Dragons’ Den star, Levi Roots has joined forces with Jobcentre Plus to encourage jobseekers to consider setting up their own businesses with the assistance of the New Enterprise Allowance scheme and will be attending the upcoming Downing Street reception.
 
"Before I went to Dragon’s Den, I needed help to get my idea off the ground. That is what these schemes are about,” said Roots.
 
"They give you the financial support and the business advice you need to take the next step. Starting your own business can be tough but I’d encourage people to give it a go."


Image: Ben Fisher/GAVI Alliance

Date published 12 Sep 2013 | Last updated 12 Sep 2013