Green Business Loan Scheme
The scheme has been designed to provide flexible financing options to all types of organisations seeking to make their operations more efficient and lower their energy costs. The scheme offers a loan of 100% towards the cost of projects that improve energy efficiency and can be arranged from £1,000 up to a maximum level of assistance of £20,000 per project. New, more efficient equipment should lower energy bills and with payments calculated so that they can be offset by the anticipated energy savings, the financing option is designed to pay for itself.
Type of projects covered
If you apply for an energy survey of your premises it can be applied for through the Department's Business Support Scheme and is deemed a separate project and would not affect the eligibility of a green business loan.
How assistance is assessed
The Department for Enterprise may provide assistance to an eligible business where, in its opinion, the eligible business undertakes an economic activity in the Island. Eligibility for the Green Business Loan scheme is open for all business sectors and where projects will involve energy efficiency improvements in Isle of Man business premises. The Department for Enterprise will only consider an application for a 0% green business loan that has not be submitted for funding from another Government financial scheme for the same project installation. Where installation of energy efficiency solutions are included as part of the loan the Department would require Manx Accredited Construction Contractors (MACC) scheme members to undertake the work.
The Green Business Loan scheme is at the discretion of the Department for Enterprise and each project will be assessed on its potential to deliver real energy savings with preference given to projects that provide the greatest reduction in CO2 emissions thereby assisting the Government in achieving its energy policies.
How to apply
In order to apply for a green business loan, we require a completed Application for Financial Assistance signed by a director/principal on behalf of the company and the necessary supporting documentation. Supporting documentation must include a thorough project report detailing expected energy savings, background information on the company and audited accounts for the last three years (unless a start-up venture, then 3 years forecasts must be provided).
Further detailed information on all aspects of the 0% Green Business Loan scheme can be requested via email or by calling: +44 1624 682367.
The Department may wish to take security on the assets of the company to protect any financial assistance provided. Assistance cannot be considered retrospectively for items of expenditure which have already been purchased. The applicant should be aware that the Department will require an annual report on the success of the project.