Lloyds Bank is offering £100 million to help small to medium-sized enterprises (SMEs) take advantage of supply chain opportunities presented by the construction of the Hinkley Point C nuclear power station.

It aims to help firms avoid expensive loan arrangement fees and make the process of borrowing money cheaper.

The bank says this will then allow the SMEs to secure more financial backing to bid for new business and supply chain contracts.

It is estimated that construction of the nuclear power station, which is expected to provide enough power for six million homes, will create £200 million of value for the local economy each year and provide more than 25,000 jobs.

David Beaumont, South West Regional Director of SME Banking at Lloyds, 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 £100 million fund and support will ensure that businesses have the financial backing they need to capitalise on this multi-billion pound construction project.”