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Scheme to encourage enterprise and entrepreneurship is good news
Posted by Jeremy Middleton on January 10, 2011 12:51 PM
The news that an initiative to encourage enterprise and entrepreneurship is to be doubled in size is good news, particularly in the current economic climate.
It has been announced that the New Enterprise Allowance, which will make ã2,000 available to people who have been unemployed for six months or longer if they want to set up their own business, now has a target of creating 40,000 start-up businesses by 2013, twice as many as originally planned.
The scheme is due to be launched this month on Merseyside and I look forward to it being rolled out nationally by the autumn.
A lack of finance can stifle the ambition of people who are out of work but have the potential to be their own boss.
Another financial advantage of the NEA is that recipients will receive their usual benefits for the first three months and a reduced amount for the next three months so that they can support themselves while they launch their businesses. There is also access to start-up loans of ã1,000 to help with expenses.
People, with the skills to run a commercial venture, often do not need a lot of money to get them started. The NEA seed funding, along with its access to advice from those already running successful companies, will help cultivate and nurture the small business sector.
The UK needs to develop an enterprise culture and frameworks, such as the NEA, will contribute to making that happen.
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