New business support aims to drive green growth by preventing waste and increasing re-use
- 21 June 2012
- Financial News
Today WRAP opens new support packages to further increase business resource efficiency in England. The fund aims to increase waste prevention and capacity for re-use and repair, following on from support launched last June.
Capital loans are just one strand of the support package available to businesses, local authorities and the third sector looking to prevent waste or increase re-use and repair capacity across England.
Businesses developing new opportunities that prevent waste or use less product to deliver a service can apply to the Waste Prevention Loan Fund, which offers loans of between £100,000 and £1 million. The aim of this fund is to help innovative businesses set up new business models where their traditional sources of finance may not see the commercial case. Simple examples include: changing from product sales to service delivery (e.g. leasing), creating customer incentives to return products for re-manufacture, re-use or recycling. In addition to the loan fund, WRAP may be able to help identify new finance partners who are better placed to understand and finance new business opportunities.
WRAP welcomes creative business solutions to waste issues, however concepts must be proven but require finance to scale up to a commercial level. Any material stream is eligible for application.
For businesses interested in re-use and repair of textiles, electricals and furniture specifically, the following support is available:
- Grants of up to £50,000 e.g. for equipment
- Business development support, e.g. marketing and financial planning
- Loans of between £100,000 and £1 million