Olympic-sized loans

Lloyds Banking Group has announced plans to help UK businesses benefit from the London 2012 Olympic and Paralympic Games. The lender has pledged to make at least £1 billion in credit available to companies contracting with the Olympic Development Authority, the London 2012 Organising Committee or any official Games supplier over the next two years.

According to Lloyds, the total value of contracts connected to London 2012 is estimated to be £6 billion, including £1 billion of direct arrangements. A large number of small direct contracts remain available for firms across the UK, plus work in the supply chain, the bank says.

Sebastian Coe, chair of the London Organising Committee of the Olympic Games and Paralympic Games, said the events are "not just about sporting talent and not just about London". He added: "Across the UK, there are thousands of incredible businesses that could stand to benefit from the huge economic boost that will come from the Games.

APA