IDS offers lifeline to business start-ups

first_img IAIN Duncan Smith yesterday outlined plans to give grants to unemployed people who want to set up their own businesses, in a bid to boost the number of first-time entrepreneurs.The welfare secretary said the New Enterprise Allowance (NEA) scheme would offer financial support and business mentoring to enterprising people who are unemployed.He said: “If you have been unemployed for six months and want to start your own business we want to support you. We will provide business mentoring and a financial package worth up to £2,000 to get your business up and running. We want to see 10,000 new small businesses by next year.”Members of the NEA scheme will get access to a low cost loan of up to £1,000 to help with start-up costs, as well as a grant worth up to £1,000, paid out in weekly instalments for six weeks.A network of successful local businesses will be asked to provide mentoring and support through a website, described as “online dating for entrepreneurs” by an aide to Duncan Smith.Duncan Smith made the announcement as he unveiled the “biggest reform of welfare in a generation”. A new Universal Credit will replace the myriad of benefits that are currently on offer, including housing benefit and job seekers’ allowance. Officials in the Department of Work and Pensions estimate there are 31 out-of-work benefits currently available, rising to 51 if one counts supplementary and top-up benefits.Crucially, the Universal Credit will eventually be available to people in low-paid employment as well as the unemployed, to ensure that no-one loses out when they take a job.But Duncan Smith had to make big concessions to convince the Treasury to give the green light to his reforms. The Universal Credit will now be phased in over ten years, rather than five, while there have been big cuts to the overall benefits bill, including the scrapping of child benefit for higher rate taxpayers.He also pledged a clampdown on benefit fraud would not penalise those in genuine need. He said: “I say to those… who are genuinely sick, disabled or are retired: you have nothing to fear. We will crack down on fraud and help able people off welfare. This means we will have enough resources to provide peace of mind to the very vulnerable.” Tuesday 5 October 2010 8:21 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Show Comments ▼ IDS offers lifeline to business start-ups Tags: NULLcenter_img whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com Share whatsapp KCS-content last_img

Leave a Reply

Your email address will not be published. Required fields are marked *