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WRAP launches £1.5m innovation support fund

WRAP has launched a £1.5 million fund to increase business waste prevention and reuse.

The Waste Prevention Loan Fund will offer loans of up to £1m to companies developing ways of preventing waste.

The aim of the fund is to help firms set up new business models where their traditional sources of finance may not see the commercial case.

WRAP may also be able to help identify new finance partners better placed to understand and finance such business opportunities.

Waste minister Lord Taylor said: “We need to develop new ways of designing, manufacturing and consuming goods so that we make the most of everything we use, rather than throwing it away at the end.

“The £1.5m Waste Prevention Loan Fund will mean we can aid more businesses to plot the course to a more resource efficient future, inspiring  businesses to make more efficient use of resources, which is not only good for the environment but also makes good business sense.”

Wrap last week awarded funding to seven contractors to deliver food waste collection services to businesses.

The collections will start this summer, servicing a range of businesses in the hospitality and food service sectors from Devon to York.

 

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