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

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 (May 20th).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.