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New Enterprise Allowance Success

4,560 businesses have been launched with support from the New Enterprise Allowance scheme, not only offering entrepreneurs an opportunity to gain expert support and advice, but also creating jobs for hundreds of others through the new businesses. Over 12,000 people have taken advantage of the business mentor service, with over a third moving on to access the funding and start up loan.

The success has led to Chris Grayling considering whether the support, which is currently only available from 6 months of a Jobseeker Allowance claim, can be offered from 3 months.  The inference is that this will most likely by the mentoring aspect of the NEA, with the financial support remaining from 6 months, as this seems to have been the most useful asepct of the service. After all a £1,000 loan probably doesn't factor too much in the start up costs of opening of a restaurant that employs 22 people!

DWP have published some short case studies along with Friday's announcement which may inspire other people to take the plunge.  Click here for the official press release.

If you are interested in finding out more about NEA click here.  Also see DWP's website for background information.

6 June 2012

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