The new Green Loan Scheme, which is separate from Green Solutions, could launch this September.
New interest-free loans will be available for businesses that are looking to make their operations more sustainable and eco-friendly.
Stoke-on-Trent City Council and Staffordshire County Council are looking to use £1.4 million in government funding to cover this new green initiative.
Currently, the Green Solutions scheme provides small businesses with complimentary energy assessments. These assessments identify areas of improvement and provide suggestions for how operations can lower carbon emissions.
Green Solutions, which started last autumn, can also offer grants of between £1,000 and £100,000 that are to be used to implement the eco suggestions. These grants cover 50% of the costs. However, many businesses have struggled to pay the other 50%.
In response to this, the council plans on rolling out the Green Loan Scheme, which will cover the other 50% of the costs.
It is estimated that loans between £5,000 and £100,000 will soon be available. These loans will be made interest-free and repayable within two years.
The £1.4 million that the local authorities hope to put towards this scheme was originally set aside for the local enterprise partnership (LEP). The LEP ceased operating in April, meaning the £1.4 million is no longer needed for this purpose.
The new scheme was approved by Staffordshire County Council yesterday (18 July) and is now awaiting approval from the Stoke-on-Trent City Council cabinet.
The new scheme could potentially be running by September.
Businesses that are interested in participating in Green Solutions can express interest here.
Experienced writer and journalist James McKean leads the daily editorial output at StaffsLive. To contact him, email news@staffslive.co.uk
