The Enterprise Allowance Scheme (EAS) is a UK government initiative designed to help unemployed individuals start their own businesses by providing financial support and mentorship. The scheme is open to individuals who are currently receiving certain government benefits, such as Jobseeker's Allowance or Universal Credit.
Enterprise Allowance Scheme
Under the EAS, eligible individuals can apply for a weekly allowance of up to £1,274 over a 26-week period. In addition to the financial support, participants in the scheme are also assigned a business mentor who can offer guidance and support as they develop their business idea.
To qualify for the EAS, applicants must demonstrate that their business idea is viable and has the potential for growth. They must also provide a detailed business plan and attend regular meetings with their business mentor.
Once the 26-week period is over, participants can continue to receive financial support through the New Enterprise Allowance (NEA), which offers ongoing mentoring and financial assistance for up to 12 months.
The EAS and NEA are administered by the Department for Work and Pensions (DWP) and are available to individuals across the UK. They are intended to provide support and encouragement to those who want to start their own business, but who may not have the financial resources or experience to do so without assistance.
How To Apply For The Enterprise Allowance Scheme
To apply for the Enterprise Allowance Scheme (EAS), you must first be eligible for the scheme. Eligibility requirements include:
Being over 18 years of age
Receiving certain government benefits, such as Jobseeker's Allowance or Universal Credit
Having a viable business idea that has the potential for growth
Providing a detailed business plan
If you meet these eligibility requirements, you can apply for the EAS through your local Jobcentre Plus or the Universal Credit helpline.
Here are the steps to apply:
- Speak to your work coach at the Jobcentre Plus or contact the Universal Credit helpline to express your interest in the EAS.
- Your work coach or the helpline advisor will assess your eligibility for the scheme and provide you with more information on what is required to apply.
- If you are deemed eligible, you will be referred to a business mentor who will work with you to develop your business idea and create a business plan.
- Once you have a viable business plan, you can submit an application for the EAS. This application will be reviewed by the Department for Work and Pensions (DWP) and you will be notified if you are approved.
- If approved, you will begin to receive the weekly allowance and support from your business mentor as you start your new business.
It's important to note that the EAS is a competitive scheme, and not all applicants may be approved. However, even if you are not approved, your business mentor can provide valuable advice and support as you continue to pursue your business idea.