Nea

NEA

The New Enterprise Allowance (NEA) is a scheme designed to assist unemployed people who wish to start their own business. It is available to individuals aged 18 and over in Great Britain who are claiming Jobseeker's Allowance (JSA), Employment and Support Allowance (ESA) or lone parents claiming Income Support.

To get onto the NEA scheme initially you have to ask your Jobcentre Plus coach about their eligibility conditions to attend an NEA induction session and that you have an idea for a business that you’d like to set up. The NEA induction sessions are well structured and walk you through the stages of acceptance onto the scheme. They say if they feel your idea will fail. To get acceptance onto the NEA scheme — firstly you have to complete the NEA induction session. Secondly you have to complete a business plan with the NEA mentor’s assistance. Usually the mentor will provide their own templates. Once your business plan has been accepted by the mentor — you have been accepted onto the NEA scheme. This means you can receive £65 for 13 weeks, then £33 for 13 weeks while you run your new business. You can also apply for a start-up loan of up to £2,500 at a 6% interest rate with a specialist loan provider. The NEA mentor usually provides a contact point to apply for this.

 For more information click here.

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