Over 105,000 businesses helped through start-up fund
By Jordan WilliamsThe New Enterprise Allowance (NEA) – a fund for jobseekers with a business idea – has helped launch over 105,500 businesses
Figures from the Department for Work and Pensions showed the North West had the highest number of start-ups (16,090), followed by London (12,870) and Yorkshire and Humberside (11,590).
Successful applicants get access to a business mentor, financial support for up to six months and may be able to apply for a loan of up to £25,000.
The financial support is paid as a weekly allowance of £65 a week for 13 weeks and then £33 for the following 13 weeks (a total of £1,274 over 26 weeks).
Damian Hinds, minister for employment, said: “As these latest figures show, thousands of people across the country have great business ideas, and are taking the steps to turn them into a reality.
“The NEA provides the right mix of expert, tailored advice and support to people of all backgrounds, which can be invaluable in the early days of starting a company.”
Figures showed that over two-thirds of the individuals launching a business were aged between 25 and 49, while women made up 40% of the total.
Keywords: Businesses, SMEs, Financial services, business funding, commercial finance, start-ups, small and medium-sized enterprises, jobseekers, short-term finance, commercial mortgages, unsecured lending, business lending