Enterprise Allowance Scheme Launched
18/10/2010
The New Enterprise Allowance Scheme was launched by the Work and Pensions Secretary Iain Duncan Smithat the recent Conservative Party Conference. This will entitle anyone who has been unemployed for six months the chance to start their own business, with a business mentor and a financial package worth up to £2,000.
Iain Duncan Smith said: "We want to see 10,000 new small businesses by next year"
Those who have been unemployed will receive cash payments which are linked to the value of their benefits, while gaining access to loan finance worth up to £1,000 to buy equipment. The Government will work with the voluntary sector to allocate business mentors to those on the scheme.
He also announced the introduction on the Universal Credit for those who can work but cannot find a job:
"A real time system which will also help cut the cost of fraud and error. Our implementation of the credit alongside the comprehensive work programme will make sure that everyone out of work will be given the greatest support to find work and every financial incentive to stay in work, because work will pay."
For more information see the full news story here.
