Cut your energy costs and carbon emissions with a new green business loan
HERE’S HOW THE DEVELOPMENT BANK OF WALES’ SCHEME CAN HELP YOUR COMPANY SAVE MONEY AND REDUCE ITS CARBON FOOTPRINT
UNCERTAINTY around energy prices has squeezed profit margins for many companies already coping with economic challenges of rising inflation and interest rates as well as the aftermath of Covid-19.
Pressures on time and resources have left many businesses feeling overwhelmed, and any plans they had to become more energy efficient - and help Wales hit Net Zero by 2050 - might be firmly on the back burner.
But doing something about your energy costs is achievable. With the launch of a major initiative from the Development Bank of Wales in collaboration with Business Wales and the Welsh Government, it’s affordable too.
The Green Business Loan Scheme is open to all businesses in Wales that have been trading for at least two years. With loans ranging from £1,000 up to £1.5 million all businesses including sole traders, limited companies and large corporations can apply.
The scheme offers long-term loans with an upfront 12 month repayment holiday and discounted interest rates. The terms are flexible depending on the payback of the project. Plus, it gives access to fully and part-funded consultancy support that can help businesses understand their own path to decarbonisation.
“As an experienced lender we understand the pressures businesses face and the competing priorities for resource and investment, especially when it comes to taking decarbonisation-focused action,” explained Development Bank of Wales fund manager, Nick Stork.
“Barriers such as knowing where and how to invest, being time poor and having the necessary finance restricts businesses from taking positive action.
“The Green Business Loan Scheme works to directly address these common problems and provides Welsh businesses with a package of support that helps reduce carbon emissions and allows businesses to save on future energy bills.”
One Welsh couple who are glad they used finance from the Development Bank to kick start their decarbonisation plans are Geraint and Christine Thomas. Funding allowed them to fit solar panels and battery storage at Bargoed Farm. As a result this 80-acre camping and caravan site has reduced its energy costs and is now edging towards being off-grid.
CAN THE SCHEME HELP MY BUSINESS TOO?
There are lots of businesses with high energy costs who would see huge benefits from this scheme, Nick adds – particularly sectors like catering and leisure that face high energy costs for running refrigerators and ovens and manufacturing which generally has high energy usage. It can support most businesses based in Wales to both reduce their bills and decarbonise, visit our website for the full criteria.
“Starting simply with a walk around your factory or office and noting down your energy use could be the first step towards making a change. For those who’ve already identified a project applying is straightforward too using the quick online application developmentbank.wales/getbusiness-finance/apply-now
NEED FURTHER SUPPORT?
If your needs are more complex, or you want to do a ‘deep dive’ review of the decarbonisation opportunities available to you, then you can apply for a grant towards the costs of an accredited independent market expert to carry out a detailed energy audit. The grant can pay for up to The Development Bank works closely with Business Wales and the Welsh Government, and can help you to get additional expertise and funding for energy consultancy.
You can take advantage of a fully-funded Business Wales Resource Efficiency Advisor to work with your business to identify potential actions and give you a business specific report, including next steps.
To find out more about how a loan could help you please visit the Green Business Loan Scheme at developmentbank.wales/green