e-Factor

Run your new business for 6 months with no risk

Sounds too good to be true? Test Trading is in fact an initiative run by e-factor and the Department for Work and Pensions that allows for people who are currently receiving benefits to set up a viable new business idea with the full support of e-factor and for up to 6 months continue to receive their benefit entitlement.

What is the thinking behind Test Trading?

You may have a brilliant idea and be well prepared to start working for yourself but getting that first foot on the enterprise ladder seems out of your reach. If you are on benefits, you may be in the financial position to risk setting up a new business.

By supporting you in the first 26 weeks of your new venture, through Test Trading, you can focus on starting and running your business with the security of still receiving your benefit entitlements. You cannot draw earnings from the business whilst still claiming benefit, but any profits made are retained in the business. However, if you do wish to stop trading at any point for any reason your benefits will remain intact.

What will e-factor do?

E-factor will provide dedicated support to enable you to develop a business plan and once you begin to test trade, will provide weekly review meetings with your dedicated Business Advisor.

The business finances are jointly managed with e-factor to ensure stability for the new venture and at the end of the 26 week period if you decide you wish to continue with your business, you come off benefit and start to trade independently. Any profits made in the first 26 weeks will still be in your business account.

Support from e-factor continues as a normal start up and growing business.

"This will assist in the regeneration of the whole of North East Lincolnshire, one of the main aims of e-factor" Pauline Harness, Vice Chair, e-factor