More than 4,300 new businesses have been started by entrepreneurial jobseekers in Wales according to new official statistics released by the Department for Work and Pensions (DWP).
Figures reveal that a total of 4,320 new businesses in Wales have been created using the Government’s New Enterprise Allowance (NEA) since it was introduced in April 2011.
In Wales the top five local authorities for start-ups being created are:
- Cardiff 580
- Swansea 440
- Carmarthenshire 380
- Caerphilly 280
- Neath Port Talbot 250
Across Britain 76,960 new businesses have been set up under the NEA scheme, which provides benefit claimants who have a solid business idea with seed funding and a business mentor.
The NEA helps jobseekers, lone parents and people on sickness benefits with a good idea to set up their own business. People on the scheme get expert help and advice from a business mentor who will help them to develop their business idea and write a business plan. If the business plan is approved, they are eligible for financial support payable through a weekly allowance over 26 weeks up to a total of £1,274.
Employment Minister, Priti Patel, said:
We want everyone in all parts of Britain, including Wales, to benefit from the opportunities being created by our growing economy.
Starting up in business requires funding, support and advice, which is exactly what we offer through the New Enterprise Allowance scheme.
This scheme helps claimants with a good business idea to become their own boss so they can support themselves and their families, and turn their lives around.
Secretary of State for Wales, Stephen Crabb said:
From antiques shop owners to coastal café entrepreneurs, thousands of people in Wales are now achieving their dreams of becoming their own boss with the support of the New Enterprise Allowance.
This Government is giving the employers of the future the support they need to move away from a life on benefits and realise their entrepreneurial ambitions.
They are helping to steer Wales economic recovery in the right direction, creating more jobs for our country and more security for Welsh families.