Thursday, June 29, 2017

News: Hundreds of jobseekers setting up businesses in Rotherham


Rotherham is again amongst the top areas in the country for the number of people setting up businesses with the help of a Government scheme.

The New Enterprise Allowance (NEA) has been behind a wide range of new ventures since it was introduced in 2011. It is for customers who are unemployed and are thinking of starting up their own business and becoming self-employed.

The programme provides specialist support to customers through expert mentors who help them develop a business plan and begin trading. Customers will also continue to receive support during the first six months in business, ensuring that as many businesses as possible succeed.

Rotherham ranks 42nd out of all 380 local authority areas for new startups via the NEA scheme. 1,130 people have started working with a mentor since April 2011 and 610 have gone on to start a business, up from 510 this time last year.

The scheme entitles participants to a weekly allowance worth £1,274 over 26 weeks and, where start-up capital is needed, they may be able to apply for a loan of up to £25,000 to help with costs.

In total, more than 105,000 businesses have been launched with the support from the scheme.

Damian Hinds, Minister for Employment, said: "As these latest figures show, thousands of people across the country have great business ideas, and are taking the steps to turn them into a reality.

"The NEA provides the right mix of expert, tailored advice and support to people of all backgrounds which can be invaluable in the early days of starting a company."

Sheffield ranks fifth in terms of business starts with 1,450 from April 2011 to March 2017 and Doncaster is at 13 with 840. Barnsley is 48th with 550.

At the start of the 2015 calendar year, new starts to NEA are delivered by new providers meaning that there are slight differences in definitions between grant funded starts before 2015 and contracted phase starts via new providers.

Pinnacle People delivers the scheme in Rotherham after it secured the £1.5m Government contract for South Yorkshire, West Yorkshire and North East Yorkshire and the Humber.

Acting as a prime provider, sole delivery of the contract includes hour long initial assessments on the viability of business ideas, business planning seminars, practical classes, links to other support in the area and eight weeks of support through the pre-trading period. The Pinnacle People business club is also available to all NEA participants offering a range of free-to-use services.

New Enterprise Allowance website
Pinnacle People website

Images: Pinnacle People


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