It is estimated that construction of the multi-billion pound nuclear power station will put £200 million per year into the regional economy at its peak and provide over 25,000 job opportunities.
The £100m fund aims to help small to medium sized enterprises – not just in the South West but also nationwide – access discounted lending and become involved in one of UK’s biggest investment and construction projects.
Small businesses 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.
It 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.
David Beaumont, South West Regional Director, SME Banking, Lloyds Bank Commercial Banking commented, “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 added, “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.”
Once fully operational the plant will have the capacity to generate electricity to power around 6 million 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.
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