Lloyd Banks has launched a £100M fund to speed up works on the Hinkley Point C nuclear power station.
The fund will offer construction companies access to discounted lending in order to help smaller companies join the supply chain during construction of the Somerset plant.
The bank will also be helping businesses navigate the tendering process run by the Hinkley Supply Chain Team which consists of EDF Energy and the Somerset Chamber of Commerce.
Llyods Bank 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.”
The fund has been designed to waive arrangement fees on lending, helping smaller firms become involved in the supply chain.
Somerset Chamber of Commerce chair Greg Saunders added: “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.”