More than 430 people have opened a business on the Isle of Wight with the support of the New Enterprise Allowance (NEA), a fund available to jobseekers with a business idea.
Successful applicants get access to a business mentor, financial support for up to 6 months and may be able to apply for a loan of up to £25,000 to help with start-up costs.
The latest NEA figures show that Brighton and Hove had the highest number of start-ups in the South East (680), followed by the Isle of Wight (430) and Medway (370). A total of 8,040 people in the South East have started a business through NEA.
Minster for Employment Damian Hinds said:
“As these latest figures show, thousands of people across the South East have great business ideas, and are taking the steps to turn them into a reality.
“The NEA provides the right mix of expert, tailored advice and support to people of all backgrounds which can be invaluable in the early days of starting a company.”
The full New Enterprise Allowance statistics can be found on Gov.uk.
