According to new figures released recently by the Department for Work and Pensions (DWP), 203 businesses are being started every week by unemployed benefit claimants, with older people and those in the North West showing the most entrepreneurial spirit.
The new business launches are being supported by the New Enterprise Allowance (NEA), which helps claimants with a personal business mentor, weekly living allowance and funding of up to £25,000 for their business idea. The NEA is available to people claiming certain benefits, such as Jobseeker’s Allowance or Universal Credit.
The DWP said that, since the scheme was launched in 2011, it has supported a total of 209,000 benefit claimants, which have set up 130,000 businesses.
The figures show that older claimants are the keenest to start their own business, while disabled people are also enthusiastic, as almost a quarter of all the businesses created have been started by disabled claimants, which is almost as many as those over 50 years old.
The NEA has also supported potential entrepreneurs from ethnic minority groups, as almost 14 per cent of all the businesses launched in 2011 were launched by a person from a black and minority ethnic (BAME) background.
Meanwhile, as far as location is concerned, the North West seems to be the centre of entrepreneurialism, with almost 20,000 businesses launched by claimants based there since the scheme began.
The figures also showed that London and Yorkshire and Humberside were close behind, with an entrepreneurial boost of 15,370 and 13,700 new businesses respectively.
Jon Stocker, General Practice Partner at Milsted Langdon, said: “It is exciting to see that so many benefit claimants are starting their own businesses.
“If you have a start-up business, and would like further support on how to make it a success, then please get in touch today.”
For more information about how Milsted Langdon can help, please contact Jon at firstname.lastname@example.org or by calling 01935 383500.