The Circular Economy
The aim of this funded, circular economy support programme is to assist SME businesses to reduce costs and stimulate the growth of more sustainable and innovative products and services. Businesses based in West or North Yorkshire can benefit from up to 30 days of fully funded support to identify and implement Circular Economy Business Models.
The circular economy is a way of working that promotes the use of resources for as long as possible. The key idea is to use only what we need, eliminate waste at all stages of the product life cycle, and produce as little waste as possible. The circular economy project aims to help businesses across West and North Yorkshire address the climate change and strengthen our local community by adopting these principles.
Through the project, eligible SMEs in the West and North Yorkshire region can benefit from up to 30 days of fully funded support to identify and implement Circular Economy Business Models. Our team of circular economy consultants can support you to find ways to drive greater resource productivity and reduce waste within your business.
We have now had our first three businesses receive support under West Yorkshire Combined Authority's fully funded circular economy programme, with some exciting opportunities being taken forward.
The circular economy project is being delivered as part of the REBiz Programme and is funded through the European Regional Development Fund (ERDF) and the Northern Powerhouse Growth Deal.
Why are circular business practices worthwhile?
Businesses across the region can lose significant amounts of money on wasted resources. The circular economy principles emphasize the servicing, maintenance and refurbishment of assets, which could save businesses up to 15% in production material costs alone - Ellen McArthur foundation. Cleaner, greener strategies can make your business more efficient and place less pressure on your cash flow. With the current economic challenges, why not turn your waste into a source of resilience?
Here are some examples of circular initiatives that businesses could implement:
- Extending your product life through either refurbishing, or re-manufacturing.
- Pivoting your business model by offering products as services.
- Separating product components and finding parts that can be reused in new products instead of using raw materials.