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.

The full regional breakdown of figures:

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).

Media enquiries for this press release – 020 3267 5124

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