50 unemployed people in North West Hampshire have been paired with a business mentor, of which 30 have started their own business, through the Government’s New Enterprise Allowance.¹
Launched in 2011, the scheme pairs out-of-work people with individual mentors to develop business ideas. Once they have started trading, they receive a weekly allowance totalling £1,274 over 26 weeks to help get business going.
Kit Malthouse, MP for North West Hampshire, and small business owner, said: “I’m heartened to see that people are coming off the dole, realising their dream and becoming their own boss. Having started up once myself, I know how helpful it can be to have a mentor and bit of financial support to get off the ground – help with refining your idea, developing your business plan, making sure it’s sustainable, complying with endless regulations from insurance to tax, the list goes on. Of course, we have more to do but it’s a good start and the message is clear. If you want to make something of yourself, then your government will help you regardless of your background or where you come from.”
Maureen Frost, Deputy CEO, Hampshire Chambers of Commerce, said: “Cashflow is vital especially to a business just starting out. Access to this financial help as well as having a mentor will help these new business owners to focus on the best return on investment and give them the best chance of success in turning their business idea onto a thriving enterprise.”