Circular Economy Fund Explained

Circular Economy Fund Explained

Mike Fenwick, Director of Verde Corporate Finance (part of the GS Verde Group) explains the grant funding that is currently available from WRAP Cymru.

The funding is available through the Circular Economy Fund, and is designed to support capital expenditure on projects which;

  • increase the use of recycled plastic, paper / card or textiles in existing or new products (projects seeking to use other recycled materials will be considered on a case-by-case basis); or
  • extend the life-time of products / materials through preparation for re-use, refurbishment or re-manufacturing activities.

Companies and businesses of any size which have operations in Wales can also apply for funding from the scheme. The fund is split between Small Scale grants and Large Scale grants.

Small Scale grants of between £6,000 to €200,000 (the maximum de minimis threshold) are available as follows:

  • Grants of between £6,000 to £25,000 are available to support 100% of capital costs for businesses that have been impacted by Covid 19
  • Grants of £25,000 to €200,000 are available to support 60% of capital costs. The remaining 40% will need to be funded from internal resources or other commercial funding.

Large Scale grants of between €200,000 to £750,000 are also available. Funding of between 35% and 70% of eligible capital costs is available depending on location and size of the company. For example, for a large company in a non assisted area the limit is 35% and for a micro business in a Tier 1 grant location the limit is 70%.

In order to qualify for funding, you must meet the following criteria:

  • Your project is based in Wales
  • You are a manufacturer, remanufacturer or you prepare products for reuse
  • You are manufacturing products using recycled products or preparing products for re-use or re-manufacture
  • You are investing in capital equipment and infrastructure
  • Your input material is from end of use resources in particular plastics, paper and textiles
  • Your input recycled material is sourced from external suppliers

Verde Corporate Finance are specialists in securing grant funding for businesses. Using an advisor will ensure the application is submitted with the correct financial analysis, business case and supporting information required, and can vastly increase the chances of acceptance, while also reducing the chances of unnecessary delays.

To see if you are eligible, or to discuss making an application, please get in touch with Mike Fenwick by calling 029 2240 3445 or emailing mfenwick@verdecf.com.

Alternatively you can schedule an appointment at a time to suit you, by clicking here