Zero Carbon Accelerator

Public Works Loan Board (PWLB)

Green Funding & Finance Finder

Public Works Loan Board (PWLB)

The Public Works Loan Board (PWLB) lending facility is operated by the UK Debt Management Office (DMO) on behalf of HM Treasury. The Board provides loans from the National Loans Fund to local authorities and other specified bodies. The PWLB is regarded as flexible in terms of the projects they fund and terms of the loans. In 2022, 78% of local government accessed the PWLB as a long-term borrowing source.

Status: Open

Category: Loans & bonds

Type of financing: Debt financing

Eligible applicants:

  • Local authority

Minimum amount: (not specified)

Maximum amount: (not specified)

Return requirement: Yes

Maximum loan term: 50 years

Rate: Gilts + 80 basis points

Two types of loans (according to interest rate) are available: Fixed rate loans and variable rate loans.

Local authorities can apply directly at any time as long as they:

  • demonstrate that the borrowing supports an eligible project
  • specify the amount required
  • specify the type and duration of the loan
  • specify the concessionary rate that the borough wishes to use
  • include a three-year capital plan.

Your Section 151 officer will need to confirm that borrowing does not include projects primarily undertaken to generate income.

Eligible projects:

  • Domestic fabrics and energy efficiency
  • Domestic heat decarbonisation
  • Heat network
  • Non-domestic fabrics and energy efficiency
  • Non-domestic heat decarbonisation
  • Other
  • Renewables (PV)
  • Smart Local Energy Systems (SLES)
Find out more

Please note: the Green Funding and Finance Finder may not be absolutely comprehensive. We strongly advise you to confirm all details directly with the relevant fund managers.

Green Funding & Finance Finder

Find more green funding and finance opportunities for your net zero project in the Green Funding & Finance Finder.

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