Construction supplier SEH Group has closed a £9.4million funding package under the UK government's Funding for Lending Scheme (FLS). Lending facility Lloyds Bank Commercial Banking provided the said funding, according to Ipswich Star.

SEH will use the new capital to support its growth and market expansion. The firm will also use the package to obtain new contracts for its trading units, the report stated.

The government's FLS allows businesses to avail of lower borrowing costs to fund their growth plans and future investments, the report explained.

Formed in 1971, SEH is a company that provides construction services to both small and big construction markets. The firm specializes in construction of buildings, civil engineering, and home improvement services. SEH currently employs over 500 workers, the report detailed.

SEH chief executive Richard Neall said of the deal: "This new funding package from Lloyds Bank further strengthens our medium-term financial position and provides us with additional flexibility and capacity for growth."