Thousands of unemployed people across the south west have stopped claiming benefits after setting up their own business using Government support.
And in Cornwall, according to latest figures, The New Enterprise Allowance (NEA) has helped create 240 new businesses.
In total, since its launch in 2011, as part of the Government’s long-term economic plan to back small businesses and help people into work, the NEA has created 40,240 new businesses across Britain.
The New Enterprise Allowance offers mentoring and financial support to people on Jobseeker’s Allowance, lone parents and people on sickness benefits who want to start up their own business, which Minister for Employment Esther McVey has heralded as creating a new enterprise generation.
She said: “Small businesses are the heartbeat of the continuing success of the country, so it’s great that tens of thousands of budding entrepreneurs have been helped to make their dreams of becoming their own boss a reality.
“As the economy continues to grow this new enterprise generation may well go on to become the employers of the future, which is great for the individuals and their families, but it is also good news for the country as well.”
Cornwall Chamber chief executive, Kim Conchie, added: “Cornwall has thousands of resilient micro-businesses, one of the highest rates of start-up businesses in the UK and, I’m delighted to say, the highest survival rate of start-ups after three years.
“Any Government initiative which helps people to work for themselves is a useful addition to Cornwall’s business support landscape. The new Enterprise Allowance scheme is a further clarion call to those thinking about starting a business in a county where entrepreneurship is not a frightening concept, so uptake and enthusiasm for the scheme in Cornwall & Isles of Scilly is huge.”