The initiative is part of the Group’s overall commitment to lend to UK firms, and will be open to any companies that win contracts with:
- the Olympic Development Authority (ODA)
- the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG); as well as
- any suppliers to firms that already hold contracts
The total value of contracts connected to London 2012 is an estimated £6 billion, including £1 billion of direct contracts and an estimated £5 billion for suppliers to those companies that win business.
Truett Tate, group executive director, wholesale, said: “British businesses could reap significant rewards from the Olympic and Paralympic Games. We want to make sure that they are able to secure competitively priced finance.
“We’re making available at least £1 billion in the run up to the Games to help businesses gain from the opportunity offered through London 2012. We want enterprising firms to know that, wherever in the UK they happen to be, there is still time to take a share of the Olympic pie. We also want to encourage firms that are not yet involved to act quickly.”