Scott Mann has welcomed news that over 7,000 people in the South West have launched a business with the help of the Government’s New Enterprise Allowance (NEA).
Figures released today by the Department for Work and Pensions (DWP) show that since the scheme started in April 2011, 105,500 businesses have been launched nationally by jobseekers, with 7,240 of these in the South West.
The New Enterprise Allowance works by giving financial support to jobseekers who want to start their own businesses. Weekly payments of £65 are made for 13 weeks, and then £33 for another 13 weeks (£1,274 over 26 weeks). Successful applicants also get access to a business mentor and the ability to apply for a loan of up to £25,000 to help with start-up costs.
Scott Mann said:
“I’m delighted to see so many people in the South West starting their own business through the help of the New Enterprise Allowance.
“Since 2010, we have seen consistent growth in employment and business start ups here in the South West, and the NEA has signfiicantly helped in doing that which has delivered a boost for the region’s economy.
“Starting and running a business takes hard work and a lot of determination, and I’m so pleased to see the Government helping people who are unemployed to start their own businesses which, in-turn, will employ even more people in local communities.”
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