WRAP earmarks funding for resource-efficient business models
A waste prevention loan fund to encourage organisations to develop more resource-efficient business models has been launched by the Waste & Resources Action Programme (WRAP).
The fund aims to reduce waste at source by supporting organisations to introduce business models and processes which make more efficient use of material resources, for example product reuse, repair and upgrading services.
A total of £1M will be made available to support businesses, social enterprises and local authorities over the next four years. The maximum investment will be £100,000 and the minimum will be £20,000.
The funding will be distributed in phases. In the first phase, a percentage of the funding will be made available as loans to assist with cash-flow for a business (retailer or product supplier) which is switching from generating immediate income through product sales to generating income from service delivery.
Applicants will need to demonstrate new approaches which offer substantial resource savings and can be scaled-up and replicated to have significant benefit at the national level. The fund is designed to help introduce solutions where commercial funding is otherwise not available.
The fund will initially target resource-efficient business models for electrical and electronic products, clothing and furniture. Further phases, which will be announced later in the year, will support wider waste prevention and reuse activities in selected product categories.
WRAP’s director of design & waste prevention, Richard Swannell, said: “We think the fund offers a unique opportunity for entrepreneurial thinking to make a real difference in the design and development of new products.”
© Faversham House Ltd 2023 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.