More For Start-Up Entrepreneurs

Posted on 16th September 2013

Prime Minister David Cameron announced last week that there will be extra financial support for entrepreneurs in the form of Start-Up Loans and the New Enterprise Allowance.

The £69m package of support will help to create tens of thousands of new job across the UK, according to the Prime Minister, who is determined to help people who want to strike out on their own, thereby creating jobs and boosting the economy.

According to official statistics, over 30,000 new businesses have been created in the past two years alone through support from Government schemes and the new funding is aimed at building on this momentum.

The schemes are designed to provide business mentoring and funding for unemployed people who want to start a business, while the New Enterprise Allowance will be extended for new starters until the end of 2014, providing 60,000 mentoring places for claimants.

There will also be £34m for Start-Up Loans that will support around 7,600 businesses. So far, this scheme has proved very popular, with around 35,000 having formally registered interest in a loan, while 8,000 start-ups have been helped.

The scheme helps people get their business ideas off the ground with a loan of typically around £4,500 and mentoring support. The new funding will ensure that there are more loans for those over 30 and specific support for ex-Service personnel.

Meanwhile the New Enterprise Allowance offers expert business mentoring and financial support to people living on benefits and has been behind a wide range of new ventures since it was introduced in 2011, with the most recent statistics showing around 2,000 new businesses being set up every month.

Referrals to the scheme were due to end this month but will now continue for a further 15 months until the end of December 2014.

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