Interest free loans to support waste electrical and lamp recyclers during the Coronavirus crisisNews
Posted by: electime 7th May 2020
The Waste Electrical and Electronic Equipment Fund (WEEE Fund) has announced its “WEEE Support Grants and Loans Package” to support waste electrical and lamp recyclers during the coronavirus crisis.
With many household waste recycling centres closed and other waste electrical collections reduced, the flow of electricals and lamps for recycling has significantly reduced. The new facility will provide up to £5million of interest free loans to waste electrical and lamp treatment facilities. The loan finance derives from the WEEE Compliance Fee, which is paid by WEEE schemes that do not meet their WEEE collection targets.
Scott Butler, Executive Director, WEEE Fund, said: “This is a fund that has been made available to provide rapid help and support the electrical waste recycling sector as a result of the impact of the coronavirus. The loans will be 100% backed by the WEEE Fund -funded by producers of electricals.”
Environment Minister Rebecca Pow said: “Right across the waste sector, I’m hugely grateful to the enormous effort being put in to keep crucial services running; and in such unprecedented times I understand the pressure the industry is under. “This fund will help the sector to weather the effects of the coronavirus outbreak. Crucially it will also enable people to do the right thing and recycle more as we move towards a more circular economy.”
Nigel Harvey, Recolight CEO said: “Recolight has worked hard to help set up this new loan scheme. When the coronavirus restrictions are lifted, the WEEE system will need a dynamic and competitive WEEE recycling market, with the capacity to cope with any post-crisis spike. The loans should help to minimise the risk of WEEE recycling business closures, and a rapid start-up of operations when this is required.”
Recolight has previously contributed to the fund which finances the loans but is not eligible for a loan.
Applications are open now and can be accessed by emailing email@example.com Applications are open until the end of May 2020.