SEEDA has allocated £3.8m to green businesses throughout the region and established a £4m sustainability loan fund.

The £3.8m will fund 2,500 businesses to develop initiatives within a framework of six sustainability-led projects. The projects focus primarily on waste reduction, sustainable procurement and the development of sustainable technologies in conjunction with training to undertake environmental audits in order to establish methods that boost profits through energy reduction.

The £4m South East Sustainability Loan Fund will provide additional support for businesses that contribute to reducing the region’s ecological footprint. The fund will make between £20,000 and £200,000 available to every business that wishes to improve its green credentials.

The funding has been provided through the South East European Regional Development Fund (ERDF) Competitiveness Programme 2007-13, which supports new ways of linking good practice between prosperous and less economically successful areas. This is achieved through collaborations with businesses throughout the region and sharing best practice wherever possible.

Oona Muirhead, Group Executive Director of Strategy and Support, said:

The funding from the European Regional Development Fund comes at a time when so many businesses are working to grow out of recession. Investing in going green will help businesses to cut costs, increase profits and support long-term sustainable prosperity in the South East.