WRAP launches new Waste Prevention Loan Fund to encourage business models making better use of resources
Today, WRAP (Waste & Resources Action Programme) is launching the new Waste Prevention Loan Fund (WPLF) as announced in the Government Review of Waste Policy in England 2011. The Waste Prevention Loan Fund aims to reduce waste at source by supporting organisations to introduce business models and processes which make more efficient use of material resources. Examples include product reuse, repair and upgrading services (e.g. through leasing), and materials recovery and reuse by the manufacturer.
The WPLF has £1 million pounds 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 £1m 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 loan fund is designed to help introduce solutions where commercial funding is otherwise not available.
Richard Swannell, Director of Design and Waste Prevention at WRAP said:
“We’re delighted to be launching this new fund today on behalf of Defra, and really looking forward to seeing innovative and inspiring expressions of interest coming in from the private, public and social enterprises. We think the WPLF offers a unique opportunity for entrepreneurial thinking to make a real difference in the design and development of new products.”
Environment Minister Lord Henley said:
“Preventing waste being created in the first place is not only good for the environment but also good for a company’s bottom line. This new £1 million fund will encourage inventive thinking that will be shared to offer resource efficiency savings for businesses and individuals.”
The WPLF will have multiple phases for applicants. The first, opening today, will be for businesses and focussing on resource-efficient business models (REBMs) particularly 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. These will include product recovery for reuse in a closed-loop economy. These phases will be open to a wider range of applicants.
Complementing the WPLF, WRAP is separately inviting tenders from businesses seeking help with planning and monitoring REBMs. These projects will support the technical evaluation of business benefits and resource savings, pre- and post-implementation. WRAP’s primary interest is in REBMs for electrical & electronic products in major categories (e.g. white goods, televisions and laptops), but developments in the clothing and furniture sectors will also be considered. Support is available on condition that the learning and evidence of savings can be shared (while respecting commercial sensitivities).
WRAP welcomes discussion prior to application for a loan or for technical support.
For further details about the WPLF, eligibility and the application process please visit Waste Prevention Loan Fund
Editor's notes
Notes to editors:
1. WRAP’s vision is a world without waste, where resources are used sustainably. We work with businesses and individuals to help them reap the benefits of reducing waste, develop sustainable products and use resources in an efficient way.
2. Established as a not-for-profit company in 2000, WRAP is backed by government funding from England, Scotland, Wales and Northern Ireland.
3. More information on all of WRAP's programmes can be found on www.wrap.org.uk