New Enterprise Allowance scheme - My story

Andy2013

Andy the answer is once your business plan has been approved by NEA/mentor then a loan can be applied for , so before you start trading .

This link is good to explain the loan process ,

https://www.gleenterpriseloans.co.uk/

pinkypoopydoo

I got told you had to be trading before you could apply! But, like the rest of the NEA, I think it depends on what area you live in, and which company is used to administer the loans, perhaps?

In all, a bit of a postcode lottery (or farce perhaps!)

WantToBeSE

I feel for you Andy (Scott), i really do.
Depending on what it is that you need to do, can you just bite the bullet and go for it without NEA? You wouldn't be any worse off, what with all the sanctions you are getting at the moment.

I was told that you had to have signed off JSA and started trading before you are able to apply for the loan..seems a bit backwards to me.

This_Year

If I had applied for the loan it would have delayed my start date. You get one chance to apply for the loan and that's when (in my case Ixion) state you've got a viable plan, have agreed your business plan, cashflow forecast and personal survival budget.

Then you apply for the loan.

ArtoDeeto

Shame it ends in September and there is no NEA replacement

WantToBeSE

ArtoDeeto wrote: »

Shame it ends in September and there is no NEA replacement

I havent heard that it is ending..where/when did you find out?

andyscott

ArtoDeeto wrote: »

Shame it ends in September and there is no NEA replacement

Yes, it is true, it will end in September.

On June 27 2013 an Mp asked the Minister of State for Work and Pensions on their plans to support unemployed in self employment after NEA ends in September.

The reply was "We are currently developing the policy for self-employment provision after September. More information on this will be available in due course."


Although it does seem strange that they then decided to publish this on 21 August 2013.

WantToBeSE

Well, i would have said "that's a shame", but i dont actually think it is.

s450

andyscott wrote: »

Yes, it is true, it will end in September.

On June 27 2013 an Mp asked the Minister of State for Work and Pensions on their plans to support unemployed in self employment after NEA ends in September.

The reply was "We are currently developing the policy for self-employment provision after September. More information on this will be available in due course."


Although it does seem strange that they then decided to publish this on 21 August 2013.

I have also heard about that. My roommate asked his agent to refer him to a business adviser and he was told that the NEA is suspended at the moment. We could not find anything about that in internet. Now I read here that it is true.
But now I am a bit worried. I was referred to the business adviser and last week I was there and we started the programm. I am already preparing a draft of my business plan cause I am supposed to sent the first draft on 2nd September. What will does mean for me? Will they then tell me suddenly that there is no NEA anylonger. So my business plan was useless? Or was I lucky to be one of the last to enter into the programm?


Edit:
I can't find anywhere in internet that NEA has been suspended. On the contrary!:
https://www.gov.uk/government/news/26000-new-businesses-set-up-by-entrepreneurial-jobseekers

This_Year

Yay my tax credits have been assessed. Phoned them Monday, and money in my bank today. No NEA payment as yet but will give them until next week and then phone them to see when I can expect that.

Hopefully they don't pull the plug on NEA just yet! Give us a chance.

Wonder if they would let people who've started get the full entitlement if they do end the scheme. Hmmm.