The Welsh Government and the Development Bank of Wales has launched a major new loan scheme to support businesses in Wales cut their energy costs by taking steps to become greener and more energy efficient.
“With the ambition to invest £10 million over the next 3 years, the new Green Business Loan Scheme, which will offer discounted interest rates and flexible repayment dates, will help businesses make improvements allowing them to reduce their carbon footprint, supporting Wales’ journey to become net zero by 2050.
Projects which could be supported by the loans include:
- investing in renewable energy technology;
- improving the fabric of premises and energy efficiencies within the building;
- upgrading systems or machinery to reduce energy use;
- water usage and waste reduction/improvements
While businesses see the benefits in becoming environmentally sustainable, many lack the funds required to make the up-front investment needed. And wider economic circumstances mean many businesses which might have planned decarbonisation work have since had to prioritise other costs, while those who have the resources needed to make such improvements often don’t know the best place best to start.
As well as the new loan, support and advice is also available from the Welsh Government’s Business Wales service to help businesses decarbonise.”
The scheme provides:
- Access to fully funded and part funded consultancy support that helps businesses understand their own path to decarbonisation
- Discounted fixed interest rates for energy efficiency measures and low carbon heat installations
- Patient capital, with upfront capital repayment holidays and a loan term linked to project payback
Business Wales, Helping businesses cut energy costs: Welsh Government and Development Bank launch new Green Business Loan Scheme, (15/02/2023) [Link] (Accessed 08/03/2023)
Business Wales, Green Business Loan Scheme, https://businesswales.gov.wales/green-business-loan-scheme (Accessed 08/03/2023)