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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.

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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.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £125 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
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  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few
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