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A new multi-million pound fund has been established by Lloyds Bank to help small to medium sized firms secure supply chain opportunities on the £19.6 billion Hinkley Point C nuclear power station project.
The major nuclear power station scheme in Somerset is estimated to create over 25,000 job opportunities for the regional economy, with its construction generating around £200m per year.
SMEs are now being encouraged to apply to Lloyds' £100m fund, which will help small businesses waive arrangement fees on lending directly linked to the construction of Hinkley Point C and give them the financial backing to bid for new business and supply chain contracts. This includes arrangement fees for loans, invoice finance and asset finance facilities.
The fund can also be used by businesses that provide indirect services to the power plant through an agreed contract such as hotels, transport, catering, facilities management and security services.
The Bank will also be helping businesses navigate the tendering and supply chain process and direct businesses to the Hinkley Supply Chain Team which consists of EDF Energy and the Somerset Chamber of Commerce.
David Beaumont, South West Regional Director, SME Banking, Lloyds Bank Commercial Banking, said: "Hinkley Point is a huge investment for the South West and the UK and we want to help small and medium-sized businesses take advantage of the opportunities that exist in the supply chain.
"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."
Greg Saunders, Chair of Somerset Chamber of Commerce, said: "This is excellent news and a real fillip for the region. 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."
(LM/MH)
