WRAP has opened new support packages to further increase business resource efficiency in England
The fund aims to increase waste prevention and capacity for re-use and repair, following on from support launched last June.
Capital loans are just one strand of the support package available to businesses, local authorities and the third sector looking to prevent waste or increase re-use and repair capacity across England.
Businesses developing new opportunities that prevent waste or use less product to deliver a service can apply to the Waste Prevention Loan Fund, which offers loans of between £100,000 and £1m.
WRAP said the aim of the fund is to help innovative businesses set up new business models where their traditional sources of finance may not see the commercial case, such as changing from product sales to service delivery (e.g. leasing), creating customer incentives to return products for re-manufacture, re-use or recycling.
In addition to the loan fund, WRAP may be able to help identify new finance partners who are better placed to understand and finance new business opportunities.
WRAP welcomes creative business solutions to waste issues, however concepts must be proven but require finance to scale up to a commercial level. Any material stream is eligible for application.
For businesses interested in re-use and repair of textiles, electricals and furniture specifically, the following support is available:
Waste Minister Lord Taylor of Holbeach, who officially announced the funding at the CIWM conference today, 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: "WRAP's 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 we're looking for opportunities to scale these up to really.