Businesses to be supported through further government loans

Fri, 07 Jan 2011

The Prime Minister is expected to soon announce plans to provide support to 40,000 new businesses through a series of business loans and grants to unemployed people who can present an effective business plan .

The reforms of business support, which are due to be put to the test on Merseyside this month before being rolled out across the country in the autumn, are part of the New Enterprise Allowance scheme introduced last October.

People who want to become self-employed and can provide a sound business plan to back up their application can receive allowances up to the value of GBP1,275 over six months, and will be teamed up with volunteer mentors from their local business community. The mentors will check the business plans and Jobcentre Plus will also offer a loan of up to GBP1,000 to cover the costs involved in setting up the idea.

Mark Prisk, the business minister, also said that the businesslink.gov.uk website will be relaunched this April, with additional features such as a searchable database of all central government contracts and online incorporation forms. The list of 40,000 volunteer mentors is expected to be available from June, and they will replace the current 1,600 Business Link advisers.

David Cameron has stated "It is vital that we ensure businesses, and those people who find themselves out of work but have the drive and desire to set up their own businesses, have all the advice, support and mentoring they need."
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