10 February 2010 | Amy Rowe
Lloyds Banking Group has pledged £1 billion in loans to help small vendors bid on contracts and fund work for the 2012 Olympic Games.
The finance is available to all suppliers working to deliver the event and will operate on a standard business-lending structure.
Olympics minister Tessa Jowell said in a statement: “The Olympic and Paralympic Games are already keeping order books busy up and down the country thanks to the billions of pounds-worth of contracts already awarded. This initiative will build on that success, providing yet another boost to business.”
Lloyds, which is an official London 2012 partner, will also stage more than 500 seminars across the country to help firms understand the business benefits of the games. In addition, it has published an online guide, Winning Business, which can be downloaded here.
In an update on the Olympics yesterday, the government said there were £6 billion of contracts associated with the event, £1 billion of which are yet to be awarded. The annual report concluded that the games remain on time and on budget.
Meanwhile, Lloyds and the Royal Bank of Scotland yesterday faced criticism from the Public Accounts Committee in a report for failing to lend enough to businesses and homeowners.