Carbon Trust offers £100m to turn SMEs green
03 July 2009
The Carbon Trust is pushing green technology by doubling the maximum level of loans it offers to UK businesses. The second increase in just nine months raises the maximum level of interest free loans the organisation offers from £200,000 to £400,000.
Access will also be improved for SMEs for the unsecured loans, in a bid to help more businesses survive the recession by cutting energy costs and carbon footprints.
The Trust says thousands of small businesses have already slashed their annual energy bills, some by as much as 75 per cent, by installing new energy-saving equipment paid for by Government-funded Carbon Trust loans.
Now the Carbon Trust has extended eligibility for the recently-expanded loan fund. The minimum loan amount has been lowered to just £3,000, putting the loans within reach of micro-businesses; the upper limit was doubled from £200,000 to £400,000 to meet the needs of small and medium businesses with high energy spends, such as manufacturing companies.
The Carbon Trust expects to deliver over £100m in loan funding to UK SMEs over the next two years, including almost £84m in England allocated by the Government as part of Budget 2009.
Carbon Trust chief executive, Tom Delay said: ‘Small and medium businesses are the backbone of the UK economy and key to the move to the low carbon world. We are extending a helping hand to them by offering more than £100m in interest-free, unsecured loans at a time when bank funding is hard to come by.
‘Our zero per cent loan offer is as close to free money as a business can get, and is flexible enough to help almost any small or medium business, from the corner fish and chip shop to a factory.’
Department of Energy and Climate Change Minister Lord Hunt added: ‘Climate change is one of the biggest threats to our planet so it’s vital that everyone plays their part. Taking action offers a huge opportunity for businesses to save money on their energy bills as well as reducing emissions and driving the move to a low carbon economy.'
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