According to official figures, disabled people are creating 80 new micro-businesses every week thanks to a Government scheme that offers up to £25,000 worth of funding plus mentoring and advice.
Ministers have extended the New Enterprise Allowance (NEA) scheme for a further two years after it showed successful results. Since its launch in 2011, 28,000 entrepreneurs, including around a quarter of whom have a disability, have received coaching and funding to set up 126,000 new businesses.
Anyone interested in applying for the funding should speak to their Jobcentre Plus work coach, who will explain how the NEA could help them, and about the support volunteer business mentors offer in the early months of training.
Employment Minister, Alok Sharma said: “Going from being on benefits to being your own boss can change someone’s life. So, when people want to make that journey, I want them to have all the help they need.
“And it’s especially encouraging that this scheme is working for people with a disability.”
Interestingly, micro-business numbers have grown at a faster rate than medium and large businesses since the 2016 referendum, and this has helped to boost the record employment rate, which has seen 1.3 million more people working in private sector jobs in the same period.
According to the Minister, the UK’s global reputation for its entrepreneurial spirit has continued since June 2016, as it had 10 per cent more “micro” businesses than the year before, which equates to over 205,000 more “micro” businesses.
Jon Stocker, General Practice Partner at Milsted Langdon, said: “It is clear from the data that disabled entrepreneurs are making a huge contribution to the UK economy through their enterprises, so it is good to see that the Government is taking steps to extend the New Enterprise Allowance (NEA) scheme.
“Whether you are disabled or not, starting up a new business can be very daunting, which is why it is always worth seeking out a helping hand to reduce the burden and make the most of the opportunities that come your way. We have helped dozens of entrepreneurs bring their ideas to life, so why not call us to find out how we can assist you.”