Posted on Thursday 18th July 2024
A new interest-free loan scheme to support a business’s transformation to more sustainable operations and cut costs is set to be launched imminently.
Staffordshire County Council and Stoke-on-Trent City Council would use £1.4million government funding to help businesses better access the existing Green Solutions programme.
Green Solutions operates across county and city and started last autumn. It provides small businesses free energy assessments which can help to save money and cut carbon emissions, in addition to offering low carbon grants of between £1,000 and £100,000 to implement the assessment recommendations. The scheme also provides free carbon literacy training, giving businesses expert knowledge and skills to cut carbon and costs.
The low carbon grants cover up to 50 per cent of eligible costs of implementing the assessment recommendations – modifications or upgrades which lead to more sustainable and efficient operations.
Now the Green Loan Scheme would enable businesses to meet the other 50 per cent – which feedback has shown has been a barrier to companies accessing the Green Solutions programme. Loans would be interest-free and repayable within two years. It is anticipated that loans from between £5,000 and £100,000 would be made available.
The £1.4million government funding had initially been allocated to the local enterprise partnership (LEP). After the LEP ceased its operations in April this year following government directive nationally, its roles and responsibilities transferred to the county and city councils.
The Green Loan Scheme was approved by the county council’s cabinet today and is subject to approval by Stoke-on-Trent City Council’s cabinet next month. It could potentially be available from September.
Businesses keen on participating in the Green Solutions programme or exploring other available schemes are encouraged to fill out the expression of interest requiring their Companies House reference number at www.staffordshire.gov.uk/GreenSolutions
Staffordshire County Council’s deputy leader and cabinet member for economy and skills Philip White said:
The Green Solutions scheme offers a fantastic opportunity for businesses to make essential improvements to their operations that will support their growth, increase productivity and reduce carbon emissions and energy costs.
It’s a fundamental part of a business’s evolution that their operations become more sustainable, whether through improvements to their premises or production methods.
Green Solutions is already making a big difference to businesses across county and city which is fantastic, but we know meeting 50 per cent of costs to implement findings of energy assessments to access grants remain a barrier to many. That is why we’re launching the Green Loan Scheme – bridging the gap and providing easier access to those grants.
It is a county council priority to support our businesses and tackle climate change and we’re sure these joint programmes will help to deliver those commitments. We do need businesses get in touch now as there is a deadline for project completion.”