SME Loan Scheme: Government Offers 30% Cashback
New scheme from ScotGov & Zero Waste Scotland helps to tackle tackle rising energy costs.
SME Loan Scheme
The Scottish Government and Zero Waste Scotland have announced a new cashback scheme to help small businesses tackle rising energy costs and reduce carbon output. This is known as the SME Loan Scheme.
The scheme, an extension of the 2013 Scotland’s SME Loan scheme, has been responsible for nearly £10m investment in business. The new fund, part of Scotland’s Energy Efficiency Programme (SEEP), will assist businesses in improving energy performance over a 15 to 20 year time frame.
Paul Wheelhouse, Minister for Business, Innovation and Energy, said: “In addition to benefits for individual businesses, reducing the environmental impact of Scotland’s energy needs will bring us closer to the low carbon energy future set out in Scotland’s Energy Strategy – generating benefits for Scotland’s economy as well as the environment.”
The loan will be available to SMEs that have plans for energy efficiency projects that will lower emissions, energy usage and can demonstrate cost savings. The 30% cashback offer can generate up to £10,000 for SMEs, while the energy efficiency improvements could create savings of up to £8,000 on average each year.
Initiatives such as efficient heating systems, LED refits, and insulation are examples of projects which are eligible for the fund, and which Absolute can help you with.
Later this year, the Scottish Government will publish a SEEP route map later which will outline how the £500m earmarked for the scheme will be spent to help the nation reduce its carbon emissions through energy efficiency upgrades.
Graham Provest, Managing Director of Absolute, said: “Increasing energy efficiency is a great way to reduce energy costs, which are constantly rising. This is a great scheme which many of Scotland’s businesses can take advantage of. What’s really helpful is that Zero Waste Scotland will guide businesses through the application process at no cost. We are keen to hear from businesses who wish to reduce electricity and heating bills, and we think many businesses will be eligible for the SME Loan scheme.”
Watch a short video about the SME Loan Scheme here.