Money blogger explains how to get £1,274 to start your own business if you’re on Universal Credit or benefits
A MONEY blogger has revealed how you could get a £1,274 grant to launch your own business if you’re currently claiming benefits.
Jordan Green, 27, who posts his financial tips on TikTok under the name @Jaystips, shared details on how to get extra cash to help you become your own boss.
The east Londoner, who worked as an engineer before becoming a business owner and content creator, said aspiring entrepreneurs on benefits can get £1,274 over 26 weeks.
The New Enterprise Allowance is available to Brits who claim Universal Credit, Jobseeker’s Allowance or Employment and Support Allowance.
If you’re a single parent, or a sick or disabled person on Income Support, you are also eligible for the start up scheme.
You just need an idea for a viable business and you could get a weekly allowance worth up to £1,274 over 26 weeks.
It is also possible to apply for a loan to help with start-up costs
Jordan, who runs his own shoe company, said: “If you want to start your own business there is a grant called the New Enterprise Allowance.
“It will give you up to £1,274 over 26 weeks to start your own business. You just need to be over 18 and receiving Universal Credit or Jobseekers Allowance.”
The grant, which The Sun has reported on previously, could help you set up your own business.
You should contact your Job Centre coach who will help set you up with a mentor and get you enrolled on the scheme.
You’ll be assigned a mentor to give you advice and support to help you establish your new venture and start to trade.
Once you’ve made a business plan that has been approved by your mentor you may be able to access the extra cash.
The grant is paid out at £65 a week for the first 13 weeks and is then followed with £33 a week for a further 13 weeks.
If you need capital, you may also be able to apply for a loan to help with costs.
You don’t need to pay back the allowance but you will have to repay any loans you take out.
If you’re already self-employed you may be eligible for a loan to put towards developing your company – as long as it’s less than two years old.
You could also get support from the mentoring scheme.
To find out if you’re eligible for New Enterprise Allowance, contact your work coach by signing in to your Universal Credit account.
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