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£100m fund announced to help SMEs join Hinkley Point supply chain

22 May 2018

Lloyds Bank has announced the launch of a fund to assist SMEs to join the EDF Energy Hinkley Point C nuclear power station supply chain.

Worth £100m, the funding is designed to help SMEs to gain involvement with one of the UK's largest investment and construction projects.

Located near Bridgwater, Somerset, the project has been estimated to be worth £200m a year to the regional economy and create more than 25,000 jobs at its peak.

Many of those established within the FM supply chain will have opportunities to increase their involvement with the project, either during construction or after its completion.

Smaller businesses accessing the fund will have their arrangement fees waived for work linked to the project, while receiving financial support to bid for new business and supply chain contracts.

The fund will also cover arrangement fees for loans, invoice finance and asset finance facilities.

It can additionally be used to fund the provision of a range of services to the plant, including FM, catering, security, transport and others.

Assistance will also be provided with the tendering and supply chain process by facilitating contact with the Hinkley Supply Chain Team, consisting of EDF Energy representatives and the Somerset Chamber of Commerce.

The new nuclear power station has been designed to generate electricity for around 6m homes and take the place of some of the UK's older versions, due to close over the next decade.

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