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17/11/2011
Start-Up Bonus For Service Personnel Extended
The 'Be the Boss' scheme, that gives money to ex-service personnel to start-up their own business, is being expanded to include all service-leavers, according to the Government.
The scheme offers business start-up training, grants and loans up to £30,000 as well as mentoring for those who leave the armed forces.
Funded by the Department for Business, Innovation and Skills, the initiative is delivered by the Royal British Legion (RBL), and has attracted over 1,000 registrations so far.
Business Minister Mark Prisk said: “It is terrific that we can extend Be the Boss to all Service-leavers. This scheme provides a means for many ex-Service personnel, whose employment options are limited by injury, to become entrepreneurs.
“Service people face distinctive difficulties in starting businesses such as a lack of a network after a mobile career, and this is reflected in the low rate of self-employment in this group – which is just 6 per cent.
“We are very grateful for the sterling work done by RBL. They had not previously been involved with enterprise, being a charity principally concerned with providing welfare services. They are now very switched onto encouraging enterprise amongst their members.”
The £5m funding for the Be the Boss Scheme has been structured as an endowment with the aim that RBL will attract additional private sector co-investment to ensure "sustainability".
RBL were chosen to administer the scheme due to their UK‑wide coverage, respect amongst Service personnel, tri-Service coverage and the capability to deliver.
The Be the Boss network comprises four governments, six subcontractors, 58 independent partners, and over 200 delivery organisations. Since June this year, there were 1026 active applicants.
(DW)
The scheme offers business start-up training, grants and loans up to £30,000 as well as mentoring for those who leave the armed forces.
Funded by the Department for Business, Innovation and Skills, the initiative is delivered by the Royal British Legion (RBL), and has attracted over 1,000 registrations so far.
Business Minister Mark Prisk said: “It is terrific that we can extend Be the Boss to all Service-leavers. This scheme provides a means for many ex-Service personnel, whose employment options are limited by injury, to become entrepreneurs.
“Service people face distinctive difficulties in starting businesses such as a lack of a network after a mobile career, and this is reflected in the low rate of self-employment in this group – which is just 6 per cent.
“We are very grateful for the sterling work done by RBL. They had not previously been involved with enterprise, being a charity principally concerned with providing welfare services. They are now very switched onto encouraging enterprise amongst their members.”
The £5m funding for the Be the Boss Scheme has been structured as an endowment with the aim that RBL will attract additional private sector co-investment to ensure "sustainability".
RBL were chosen to administer the scheme due to their UK‑wide coverage, respect amongst Service personnel, tri-Service coverage and the capability to deliver.
The Be the Boss network comprises four governments, six subcontractors, 58 independent partners, and over 200 delivery organisations. Since June this year, there were 1026 active applicants.
(DW)
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