£100m fund launched by Lloyds Bank to help firms plug into Hinkley Point C supply chain

May 20, 2018

Lloyds Bank has launched a £100m fund to help small businesses take advantage of supply chain opportunities linked to the construction of Hinkley Point C nuclear power station.

The fund, which opened on Friday, will help small to medium-sized enterprises (SMEs) across the UK access discounted lending and become involved in one of UK’s biggest investment and construction projects.

It is estimated that construction of EDF Energy’s multi-billion pound nuclear power station near Bridgwater, Somerset, will put £200m a year into the regional economy at its peak and lead to more than 25,000 job opportunities.

Small business customers can apply to the fund which will 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 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 firms to the Hinkley Supply Chain Team, which consists of EDF Energy and the Somerset Chamber of Commerce.

Lloyds Bank Commercial Banking South West regional director of SME banking, David Beaumont, 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.”

Once fully operational, the plant will have the capacity to generate electricity to power around 6m homes across its anticipated lifespan and ensure that the country has enough low carbon electricity when the UK’s older power stations are expected to close from 2030.

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.

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