Newable picked to help create 5,000 new start ups.
29th January 2017
Newable supported John through the NEA scheme, helping him set up Black Cowboy Coffee and Waffles. Newable has been selected as The Start Up Loans Companyâ€™s national delivery partner to help around 5,000 people start their own business over the course of the next two years.
5,000 new loans over next two years.
The New Enterprise Allowance (NEA) scheme is a business support programme offered by the Department for Work and Pensions (DWP). It aims to help those claiming certain unemployment benefits to become self-employed.
Newable and the Start Up Loans Company will be responsible for supporting NEA clients with making their business proposition finance ready and are aiming to provide 5,000 loans over the next 2 years to enable applicants to move from benefits to establishing their own business. Each participant in the NEA scheme is eligible to apply for a loan for up to £2,500 to assist with their Start Up costs.
Newable will work with DWP’s NEA Delivery Partners to help applicants on their self-employment journey by assessing their business plans and cash flow forecasts for finance readiness and affordability in order to for them to responsibly access a Start Up Loan. Applications can be made at www.newableenterpriseloans.co.uk
£12.5m delivered to date.
Newable has extensive experience of delivering the New Enterprise Allowance loan service on behalf of DWP and The Start Up Loans Company, having been a central part of delivery since 2011. In the 3 years to 31st October 2016 we have delivered over 5,500 NEA Referred Loans with a loan value of £12.5 million. Newable is building business confidence by trusting business owners with the funds they need to achieve their ambitions
Central to Newable’s growth agenda.
Chris Manson CEO of Newable said, “Newable’s purpose is to help people start up, sustain and scale their businesses. Newable also has an ambitious mission to achieve significant growth over the next few years. This assignment is both perfect for and important to us. It is also a ringing endorsement of the great team we have working on this project.”