Lord Taylor unveils enhanced waste prevention fund

Speaking at the CIWM conference in London today, the Minister revealed that the additional funding would come through WRAPs Waste Prevention Loan Fund, with loans of between 100,000 and 1 million available for businesses, charities and local authorities.

The 1.5 million fund will mean we can aid more businesses to plot the course to a more resource efficient future Lord Taylor, Defra

According to WRAP, the Waste Prevention Loan Fund is intended to help organisations set up business models that prevent waste or use less resources, where traditional sources of finance may not see the commercial sense.

The Fund had originally been launched a year ago and offered funding of up to 100,000 from a 1million pot for businesses looking to make more efficient use of resources through waste prevention. Now, its scope has been widened to encompass projects promoting reuse and repair of materials.

Re-use

Businesses interested in re-use and repair of textiles, electricals and furniture can apply for grants of up to 50,000 for equipment as well as loans and business development support including marketing and financial planning.

Addressing delegates at the CIWM conference, Lord Taylor said: The natural materials which our businesses rely on will become scarcer, so we need to develop new ways of designing, manufacturing and consuming goods so that we make the most of everything we use, rather than throwing it away at the end.

The 1.5 million Waste Prevention Loan Fund will mean we can aid more businesses to plot the course to a more resource efficient future, inspiring businesses to make more efficient use of resources, which is not only good for the environment but also makes good business sense.

Matthew Broadbent, head of financial mechanisms at WRAP said: WRAPs new financial support package to businesses aims to take advantage of the great creative and entrepreneurial spirit across England. In these times of austerity, opportunities to make even small savings are important.

Finding smart ways to prevent waste arising in the first place and then re-use or repair what is created makes pure business sense. We know there are lots of creative ideas out there so were looking for opportunities to scale these up to really make a bigger difference, driving green growth further and faster.