The Carbon Trust is offering £100m worth of interest free loans to small and medium sized businesses who invest in energy efficient plant and machinery.
The scheme will be open to those looking for between £5,000 and £200,000, with the money being given out over the next two years.
“The size of the loan offered and its repayment period will be based on your projected CO2 savings, which will be assessed by the Carbon Trust,” explains the trust’s website.
Impressively, the application process has been sliced down to an average 10 days (the 763 businesses who secured loans last year had to wait four to six weeks). This is a far sight less time than the three to four months grants and other government-backed finance often take.
“Come and get it”, said Hugh Jones, director of solutions at The Carbon Trust. “There’s always been financial benefit from carbon saving but we are bringing it closer to home by offering the money interest free.”
The government increased the trust’s loan fund in this year’s Budget, meaning around twice the number of businesses should now be able to access the loans.
Tom Delay, chief executive of the trust, pointed out companies could reduce their energy costs by up to 20% by investing in energy efficient plant and machinery.