Government pledges extra financial support for entrepreneurs

UK entrepreneurs are to benefit from an additional £69 million of Government funding to help start-up and grow small businesses, Prime Minister David Cameron has announced.

The Government said the package will help create tens of thousands of new businesses.

It builds on a number of existing Government schemes which have helped create over 30,000 new businesses in the past two years.

The new funding includes:

  • Extending the New Enterprise Allowance (NEA) - a mentoring and funding support scheme for unemployed people looking to start up their own company. It will now run until the end of 2014, helping an additional 60,000 aspiring claimants
  • An extra £34 million for the Start-Up Loans scheme - a loans and mentoring scheme for 18-30 year olds looking to start their own business. Successful applicants can receive an average loan of around £4,500.

Prime Minister David Cameron said: "My message is simple: if you have drive, determination and are prepared to work hard, we will back you."

Latest figures from Department for Business, Innovation and Skills (BIS) show that 6,000 entrepreneurs aged 50 or over have taken advantage of the NEA scheme so far, dispelling the myth that entrepreneurialism is a youthful attribute, the Government said.

Almost 4,500 disabled people have also taken advantage of the scheme.

We can help your business access Government funding and finance.