A new initiative has been launched to support unemployed individuals in starting their own businesses, as part of a broader effort to stimulate entrepreneurship and economic growth across the UK. The British Business Bank’s Start Up Loans programme, working with the Department for Work and Pensions (DWP) and HMRC, has introduced the Fresh Start Guide, designed to help jobseekers move into self-employment.
The guide provides information on developing business ideas, managing finances, and understanding the impact of self-employment on welfare benefits. It will be distributed across more than 600 jobcentres and made available to around 25,000 work coaches who assist jobseekers nationwide.
Secretary of State for Work and Pensions, Pat McFadden said:
“We are committed to supporting people across the country to unlock their potential and we are working hand in hand with industry to help people gain the skills, confidence and expertise they need to excel.
Starting your own business can be a powerful way to take control of your future, particularly after a period of unemployment, and The Fresh Start Guide will help people to take that first step.
By backing aspiring entrepreneurs, we are not only encouraging people to turn their ideas into reality and move into fulfilling work but also strengthening and diversifying our economy under our Plan for Change.”
Start Up Loans has issued nearly £150 million in funding to help people launch businesses, with loans of up to £25,000 per applicant. The programme supports around 11,000 start-ups and early-stage businesses each year, offering finance and post-loan mentoring. Since 2012, 22% of its recipients were previously unemployed, 40% were women, and 20% came from Black, Asian, or other minority ethnic backgrounds.
The Fresh Start Guide will also be shared with 200 external organisations and used by the Rapid Response Service to assist workers affected by large-scale redundancies, complementing the wider network of growth hubs and business support initiatives.
