{"id":22097,"date":"2025-03-26T16:57:44","date_gmt":"2025-03-26T16:57:44","guid":{"rendered":"https:\/\/mysourcefunding.com\/?p=22097"},"modified":"2025-03-26T16:57:45","modified_gmt":"2025-03-26T16:57:45","slug":"business-grants-for-the-unemployed","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=22097","title":{"rendered":"Business grants for the unemployed"},"content":{"rendered":"
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As an unemployed aspiring entrepreneur, it can feel as though there\u2019s little financial support available to help you start up a business.<\/p>\n

Banks scrutinise your credit history before loaning you a small business grant<\/strong>, while investors may be hesitant to back a concept which you haven\u2019t had the resources to test or prove. Mentorship and peer support, too, seems to come more easily to those who already have contacts in the business world.<\/p>\n

Thankfully though, there are a range of ways unemployed entrepreneurs can gain financial support \u2013 and one of the most popular is through business grants.<\/p>\n

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What grants are available to unemployed people?<\/h2>\n

There are currently thousands of grant schemes in action across the UK, each with its own strict set of eligibility criteria based on what your business aims to achieve, where it will be based, and more.<\/p>\n

If you\u2019re not in work, you\u2019re by no means limited to schemes which are specifically for unemployed people \u2013 and there are plenty of other grant awarding bodies out there who will accept applications from unemployed as well as employed people.<\/p>\n

However, with so many schemes available and all for different purposes, it\u2019ll likely save you time and energy to narrow down your search specifically to business start-up grants for the unemployed as you\u2019re likely to fit their selection criteria, and they\u2019re likely to provide you with what you most need.<\/p>\n

First off, we would recommend looking into the New Enterprise Allowance (NEA)<\/b> scheme.<\/p>\n

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New Enterprise Allowance (NEA)<\/h2>\n

What is New Enterprise Allowance?<\/b><\/p>\n

Run and provided by the government, the New Enterprise Allowance scheme aims to help unemployed people become self-employed and start their own businesses.<\/p>\n

What will I get from New Enterprise Allowance?<\/b><\/p>\n

If you\u2019re eligible and your application for NEA is successful, you\u2019ll first be matched up with a business mentor. They will provide you with business advice and help you to write a business plan.<\/p>\n

Once you\u2019ve completed your plan and it has been approved by your mentor, you can apply to receive a weekly allowance, worth up to \u00a31,274 and given to you over 26 weeks, as part of your NEA participation. You might also then be able to apply for a further loan of up to \u00a31,000 from the government to assist with start-up costs.<\/p>\n

Your mentor will continue to guide you, helping you to launch your start-up and begin trading.<\/p>\n

Am I eligible for New Enterprise Allowance?<\/b><\/p>\n

You\u2019re eligible for NEA if:<\/p>\n