Green Growth: Funding Opportunities for Environmentally Conscious Entrepreneurs

Around 90% of business executives think that sustainability is important. It’s what modern consumers want, it’s essential to keeping global temperatures down, and it helps build ethical, trusting brand identities. We all know by now that businesses contribute significantly to the world’s total carbon footprint, too, so working to become greener is a must if we want our species to survive.

Fortunately for entrepreneurs, there are grants and funding opportunities out there to help you become more sustainable. We’ve put together a list of current options that your company can take advantage of. 

UK Government Funding

The UK government is offering more funding and support for sustainable businesses than ever before. Here’s a full guide to what’s available currently in different areas around the country.

UK Government

The government has allotted around £5 billion of funding to support eco-conscious businesses and schemes across the UK. The idea is that by supporting these companies, our country as a whole can reach net zero emissions by 2050. 

Available funding is given to businesses that want to invest in green tech, reduce their carbon footprint, or improve their energy efficiency. What’s on offer is constantly changing, though, so it’s best to check out their own green funding site for up-to-date information.

Welsh Government

The Welsh government has its own local initiatives that Welsh businesses can take advantage of. In particular, they’ve started a Net Zero Industry Wales scheme that’s designed to completely remove carbon from industry in Wales and encourage the creation of jobs in the sustainable sector. 

Again, it’s best to keep an eye on their website for updates about the initiative, as it’s still fairly new! They also have local funding available, which can be viewed via their finance locator.

Scottish Government

The Scottish government has more ambitious climate plans than the UK, with goals to reach net zero by 2045 rather than 2050. To make sure they achieve this, they’ve released several funding schemes and grants that are designed to reduce business emissions. 

Take a look at the Scottish Government website to discover the latest funding programmes. 

Northern Ireland Government

To discover more about grants available from the Northern Irish government, we recommend going through DAERA (Department of Agriculture, Environment and Rural Affairs). This sector is responsible for sustainable policy and sets the grants available for green initiatives. Take a look at their Environment Grant in particular, which runs from 2023 to 2028. 

Self-Funding Options

You don’t always have to find grants and sustainable schemes to fund your eco-conscious endeavours. There are plenty of self-funding options available which are particularly good if you know your scheme will cover the costs of the initial expense in savings, like installing solar panels and heat pumps for your office building. 

Self-funding options include:

• Credit cards
• Bank loans
• Using your savings

If your credit score is holding you back from getting a loan to fund your initiative, consider alternatives, like a bad credit mortgage on a home you’ve already paid the mortgage off for, or asking loved ones for a loan.

Bank Sustainability Support

There are plenty of UK banks that are championing eco-friendly businesses, with grants set up to make funding easier.

Mainly, banks are offering easier loans with fewer fees that are specifically designed for green projects. Of course, these are all still loans that you’ll have to pay back. But they can give your business the financial boost it needs to get the ball rolling on eco-friendly projects, which should help increase your profits in the long run.

Other Grants

There are a fair few other grants on the market, but availability varies depending on your location. We’ve put together some of the best options out there, so take a peek and see if you’re eligible!

WRAP 

WRAP is a non-governmental organisation (NGO) that offers a wide range of grants and awards (with financial prizes) to businesses leading the way in sustainability. They host the famous Earthshot Prize, which would give your brand a huge boost in the green world if you won. They also have initiatives like a Litter Innovation Grant and Food Waste Innovation Grant. 

Circular Economy Investment 

The Circular Economy Investment Fund is hosted by Zero Waste Scotland, and so far, has pumped £12.5 million into the green industry, supporting 60 SME projects. As the name suggests, this fund is designed for businesses that support the circular economy system. Reduce waste with innovation and you could be eligible for a nice sum of money.

LoCASE Programme

LoCASE stands for Low Carbon Across the South and East and works with businesses in this area. The scheme is designed to encourage brands to generate profit whilst not compromising the environment, focusing on low-carbon business solutions. They offer large grants, as well as hosting events and workshops to help your company go green.

Final Words

As a modern entrepreneur, it’s vital you pay attention to sustainability when creating your business. Luckily, these grants make eco initiatives a whole lot easier! Remember to keep checking local government pages and national websites for new schemes, too, as they’ll be continuously popping up over the coming decades.