MP welcomes Start-Up Loan figures
John Baron MP, has welcomed new figures showing the Government’s Start-Up Loans and New Enterprise Allowance schemes are supporting people in Basildon and Billericay to set up their own business – helping to provide growth and jobs for families in our area. The figures show that Start-Up Loans have helped 20 people in Basildon and Billericay to set up a business with £83,817 worth of loans since the scheme launched in 2012. The New Enterprise Allowance has also helped another 50 people to launch their own business.
The New Enterprise Allowance scheme – which is available to jobseekers, and those claiming Income Support or Employment and Support Allowance – gives those with a feasible business idea support from a business mentor to help them develop their plan, and then seed funding if the plan is approved.
“These initiatives are helping small businesses bring jobs to our local community, with 70 people here in Basildon and Billericay supported. A commitment to increase the number of Start-Up Loans will provide further opportunities for local entrepreneurs.’
Notes to Editors
• Start-up Loans are helping new business across Britain. The Start-Up Loans scheme provides loans and mentoring support to people wanting to set up a business. 30,000 Start-Up Loans, worth £155 million, have now been awarded. We are committed to increase the number of loans to 75,000 (Start Up Loan Company data, as at 30 May 2015).
• A five week national tour has been launched to help boost the number of businesses started this year to a record 600,000. The Prime Minister helped launch the StartUp Britain campaign tour – which will see start-up experts and champions travel to 25 different places across England, Scotland and Wales to support tens of thousands of people looking to start a business (StartUp Britain press release, 23 June 2015).
• 70,000 businesses have been set up as a result of the New Enterprise Allowance. The scheme, which launched in 2011, provides business mentoring to help benefit claimants with a business idea to develop a business plan, and if it is approved seed funding up to £1,274 over 26 weeks. It is available to Jobseeker’s Allowance claimants, people who are claiming Income Support as lone parents or who are sick, people on Employment and Support Allowance, and eligible Universal Credit claimants (DWP press release, 24 June 2015, link).
• Small businesses are an essential part of the economy. Over 99 per cent of British businesses are small in size, with fewer than 50 employees. Small businesses account for one third of private sector turnover and are responsible for 48 per cent of private sector employment (BIS, Business population estimates 2014, 26 November 2014).