Allowance boosts new firms creation

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Around 1,280 new businesses have been launched in South Yorkshire since the Government’s New Enterprise Allowance was introduced in 2011.

The NEA scheme offers expert mentoring and financial support to jobseekers who want to start up their own business, helping people who have previously been on benefits turn their business ideas into successful enterprises.

In Sheffield alone, 550 people have used the support to become self-employed.

News of the scheme’s success follows on from the Government’s recent announcement that the popular scheme will be extended until 2016.

Employment Minister Esther McVey said: “Starting your own business takes guts and passion, and we’re seeing tens of thousands of people coming off benefit to set up their own company, creating a new enterprise generation.

“You also need support and advice if you are to turn your ideas into a successful business, and that’s what New Enterprise Allowance provides. With the economy growing, small businesses are vital to the continuing success of the country, so it’s great that we have been able to extend the New Enterprise Allowance until 2016.”