In a strategic move to support the sustainable transition of Welsh businesses, the Development Bank of Wales recently launched a new Green Business Loan Scheme.
This innovative scheme which works on an invest to save approach can help businesses make energy efficiencies, cut running costs and futureproof against volatile energy prices.
For businesses based in Wales that are thinking about investing in any of the following, they can apply for to the Development Bank loan of between £1,000 and £1,500,000.
- Investing in renewable energy technology.
- Improving the fabric of their premises to make energy efficiencies.
- Upgrading systems or machinery to reduce energy use.
- Looking to make water usage and waste reduction/improvements.
Green Economy Wales spoke with Nick Stork, Fund Manager at the Development Bank of Wales about the Green Business Loans Scheme and the support and advice available to guide businesses through the application process.
The Green Business Loan Scheme is designed to offer a package of support to enable Welsh businesses to tackle energy efficiency and support businesses on their journey to net zero.
Who can apply?
- To be eligible, your business must be based in Wales and evidence trading out of Welsh premises.
- Must have been trading for at least two years and have at least one set of filed annual accounts.
- Will be applying for a loan of between £1,000 and £1,500,000.
- Can be a limited company, sole trader or partnership.
- Must have a satisfactory credit history and evidence that HMRC & PAYE payments are up to date.
- Can be a small, medium or large sized enterprise.
- Must qualify under the Energy Usage Streamlined Subsidy Scheme or, alternatively, must have sufficient allowance remaining under the Minimal Financial Assistance subsidy exemption.
- This is in order to ensure compliance with the UK’s subsidy control rules. See the FAQ section for further information.
- Must not be operating in an ineligible sector- see FAQ section for further information.
Specialised consultancy – energy audit and project development support
- For those businesses wanting to make energy related business enhancements but are uncertain of exactly what to do next, there are two routes for accessing consultancy support through the scheme: For fully-funded advice, businesses are invited to contact Business Wales to access the services of their Resource Efficiency Advisers. These advisers will work with your business to review your energy usage and provide you with a report outlining key action areas for your business.
- Alternatively, if you are an SME and require a ‘deeper dive’ review into your business activity or have more complex considerations, grant funding is available on a 50:50 match basis with your business to engage a qualified energy consultant to complete an energy audit and develop a project action plan with you.