Press release: More than 105,000 businesses helped through start-up fund
More than 105,000 businesses have been launched with the support from the New Enterprise Allowance (NEA), a fund available to jobseekers with a business idea.
Successful applicants get access to a business mentor, financial support for up to 6 months and may be able to apply for a loan of up to £25,000 to help with start-up costs.
The latest NEA figures show that the North West had the highest number of start-ups (16,090), followed by London (12,870) and Yorkshire and Humberside (11,590).
Minister for Employment Damian Hinds 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.
The figures also show that of the individuals launching a business:
- over two thirds were aged between 25 and 49
- 24% were over the age of 50
- 7% were aged between 18 and 24
- 40% were women
- 22% have a self-declared disability
- 13% were from a black and minority ethnic background
Sunderland-based Colin Young, 51, made use of the scheme to launch his business after being made redundant. The NEA helped him start North East Drone Services, a professional drone photography service.
After working as a TV and photography technician for 13 years, I decided to invest in myself with the New Enterprise Allowance.
I met with an adviser who not only helped me with my business plan, but also to plan for any pitfalls that I might not have considered.
Read the full New Enterprise Allowance statistics.
About the NEA statistics
The full regional breakdown of figures:
| Region | Individuals with an NEA business start (entries are rounded to the nearest 10) |
|---|---|
| North West | 16,090 |
| London | 12,870 |
| Yorkshire and Humberside | 11,590 |
| West Midlands | 10,210 |
| Scotland | 9,600 |
| South East | 8,040 |
| South West | 7,240 |
| East of England | 7,210 |
| North East | 7,180 |
| Wales | 6,130 |
| East Midlands | 6,100 |
105,500 businesses have been set up through the NEA scheme.
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).
Read more about New Enterprise Allowance
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