Lloyds Bank has announced that it will dedicate £100m in cheap loans to help small businesses take advantage of supply chain opportunities in relation to the construction of the nuclear power station Hinkley Point C.
The construction of the EDF Energy-owned power plant in Somerset will add £200m per year into the regional economy and provide 25,000 job opportunities.
The fund opens today and will allow small and medium-sized businesses (SMEs) to take advantage of the supply chain opportunities by offering them discounted lending.
“Many local businesses have already secured contracts at Hinkley Point C, and this investment from Lloyds will only go to give other businesses further confidence in their strategic decision-making regarding seeking business from this vast project," said chair of the Somerset Chamber of Commerce Greg Saunders.
“Customers can apply through their usual relationship contacts to discuss how the funding could help them and support their working capital to unlock cash and make the most of growth opportunities which will leave lasting benefits to the South West and the UK."
The funding is also available to companies who work indirectly with the development of the plant through agreed contracts such as hotels, catering and security services.
David Beaumont, regional director for SME banking at Lloyds, said: “Whether it's construction, catering or transport services, our £100m fund and support will ensure that businesses have the financial backing they need to capitalise on this multi-billion pound construction project.”