
Funding InformationOn 5 October the Secretary of State for Work and Pensions announced that the Government will give extra help to unemployed people who want to start their own business, through the New Enterprise Allowance (NEA).
Eligibility
NEA will be available to Jobseekers Allowance (JSA) customers who have been claiming for 26-weeks or more.
What For?
Participants will get access to a volunteer business mentor who will provide guidance and support as they develop their business plan and through the early months of trading.
Once a customer can demonstrate they have a viable business proposition with the potential for growth in the future, they will be able to access financial support.
Jobcentre Plus will identify interested and eligible customers and only those referred by Jobcentre Plus to the mentoring organisation will be matched with a business mentor, subject to the suitability of the individual and their business idea.
Following referral to mentoring support, an initial assessment of the customer’s self-employment prospects and their business proposition, including future growth potential, will be made. If the assessment is positive, the customer will be matched to a business mentor to support them in developing their business plan. If not, they will be referred back to Jobcentre Plus and signposted to other sources of self-employment support if that is considered appropriate.
Once the customers have the initial meeting with their mentor they will have up to eight weeks to prepare their business plan for an approvals stage.
How Much?
The total package of support could be worth up to £2,274 to each participant who starts their own business.
This will consist of a weekly allowance worth £1,274 over 26 weeks, paid at £65 a week for the first 13 weeks and £33 a week for a further 13 weeks, and if they need start-up capital, they may also be able to access a loan up to £1,000 to help with their start-up costs.
Deadline
The national rollout timetable indicates that the Thames Valley area is timetabled for 1st August 2011.
More Information
|

