Carbon Trust Doubles Loans to Help SMEs Cut CO2

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LONDON, UK -- The Carbon Trust will now double the size of interest-free loans it offers small United Kingdom businesses to help reduce greenhouse gas emissions through energy efficiency projects.

The independent company set up by the government to accelerate the transition to a low carbon economy increased the total amount of loans 45 percent to £31 million (nearly US$56 million) this year. The maximum amount of each loan doubled to £200,000 (US$ 360,542) to help ease the credit crunch for SMEs looking to upgrade equipment and retrofit lighting.

"We know that some companies found that the £100,000 limit made it hard for them to finance the more ambitious projects they wanted to invest in, such as large lighting installations, boilers projects, or multiple equipment purchases such as variable speed drives with compressors and heat recovery equipment," said Hugh Jones, Carbon Trust's solutions director.

"£200,000 loans pave the way for companies to take on such projects and significantly reduce both their carbon emissions and their energy bills, which in turn will enable them to reduce operational costs and become more competitive."

The loans are intended to ease the credit crunch on the small business community. They are unsecured, interest-free and repayable over four years or less.

Loans made last year reduced an estimate 60,000 tons of carbon dioxide annually and saved businesses nearly £9 million (US$16.2 million) a year.

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