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Lloyds Bank has announced it will dedicate £100 million worth of cheap loans to help small businesses take advantage of supply chain opportunities related to the construction of Hinkley Point C nuclear power station.
The fund, which is open now, will allow small and medium-sized businesses (SMEs) to take advantage of the supply chain opportunities associated with Hinkley Point by offering them discounted lending.
It will waive arrangement fees on lending directly linked to the construction of Hinkley Point and give SMEs the financial backing to bid for new business and supply chain contracts. This includes arrangement fees for loans, invoice finance and asset finance facilities.
“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.
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 £100 million fund and support will ensure that businesses have the financial backing they need to capitalise on this multi-billion pound construction project.”
It is predicted the construction of the EDF Energy-owned power plant in Somerset will add £200 million a year into the regional economy and provide 25,000 job opportunities. It is due to come online by the end of 2025.
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