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Cameron lays out plans to help create 40,000 new businesses

Cameron lays out plans to help create 40,000 new businesses

The government has promised to help 40,000 new businesses start up during the course of the next 3 years.

Last week, David Cameron announced that the government run Business Link service is to be overhauled in order to provide more support to British entrepreneurs, a move that could also benefit accountants for contractors.

The Government currently provides various online resources to support businesses but there have been complaints that it’s time consuming to trawl through different websites looking for information. 170 publicly-funded websites will now be condensed into a single Government business resource site.

The new Business Link website will allow companies to register online, sort out their tax affairs through the business tax dashboard, search for public sector contracts and find information on legislation and training.

The news came as the coalition looks for additional ways to stimulate job creation and boost economic growth.

The Prime Minister said that during 2011 and beyond, the government will focus on driving job creation and supporting growth. In order to transform the economy and create many thousands of new job opportunities, the government must help new firms start up and SMEs grow.

The government also intends to offer grants and loans, under the New Enterprise Allowance scheme, to help 20,000 unemployed people start their own business if they can demonstrate a robust business plan. Back in October, the coalition said it would offer this help to 10,000 individuals but it has now doubled the figure.

Under the scheme, people wanting to become self-employed will receive £1,725 in allowances over a six month period. They will also be paired with a volunteer mentor who will examine their business plan and if it is robust, the individual will receive a loan from Jobcentre Plus, up to a total of £1,000, to cover business start up costs.

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Image: Baby by gabi_menashe

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