New government funding to help UK SMEs cut costs

Support part of country's Plan for Small Business.

The UK government has announced new funding designed to support small businesses by helping them invest in sustainability and reduce operating costs.

Through funds worth $2.7m (£2m), the goal is to assist small- and medium-sized enterprises (SMEs) in becoming more energy-efficient via investments in heating, insulation, or solar power technology.

"Clean energy is the economic opportunity of the 21st century, and we are ensuring small business have the tools they need to take advantage of clean technologies and energy efficiency," said Minister for Climate Katie White.

"The Willow Review recommendations will help the small businesses that power Britain unlock the financial benefits of sustainability, as we accelerate towards net zero."

White was referring to the independent government-backed Willow Review report, which found that 67% of SMEs who adopted sustainable practices saw a decrease in operational costs. These practices include solar panels installation and the sale of energy back to the grid.

Minister for Small Business Blair McDougall commented: "Investing in sustainability is good for growth, cutting costs, and saving SMEs money to spend on growing their business.

"That is why, as part of our Plan for Small Business, we are supporting SMEs through measures including brand-new funding and an improved support offer via the Business Growth Service."

There are 5.7 million SMEs in the UK.