Fund helps 180 jobseekers in North Devon and Torridge start up their own businesses

Jobseekers in North Devon and Torridge have been benefiting from start-up funding to launch their own businesses.

Nearly 200 jobseekers have opened businesses in North Devon and Torridge through start-up funding.

The 110 people in Torridge and 70 people in North Devon are among more than 7,200 across the South West setting up their own enterprise.

They all received funding from the New Enterprise Allowance (NEA), a fund available to jobseekers with a business idea.

Successful applicants get access to a business mentor, financial support for up to six months and may be able to apply for a loan of up to £25,000 to help with start-up costs.

The latest NEA figures show that Bristol had the highest number of start-ups in the South West (810), followed by Cornwall (680) and Wiltshire (430).

Minster for Employment Damian Hinds said: “As these latest figures show, thousands of people across the South West have great business ideas, and are taking the steps to turn them into a reality.

“The NEA provides the right mix of expert, tailored advice and support to people of all backgrounds which can be invaluable in the early days of starting a company.”

The figures show that of the individuals launching a business nationally:

More than two-thirds were aged between 25 and 49; 24 per cent were over the age of 50 and seven per cent were aged between 18 and 24.

Forty per cent were women, and 22 per cent had a self-declared disablity.