Lloyds Banking Group is calling on small and medium sized businesses across the UK to chase their share of £300 million of London 2012 contract opportunities that are yet to be seized.

Today marks the 500th day before the Games begin and although the Olympic Park is fast taking shape - with some venues already officially opened - there are still a huge number of contracts becoming available through the supply chain that could benefit smaller firms. Opportunities still exist across a range of sectors - from technology and logistics to hospitality and transport - as larger firms continue to draw on the support of small businesses to deliver large projects. Importantly these contracts span the UK and are not only available for London based businesses.

As smaller businesses take up the remaining contract opportunities it is expected that general sentiment about the Games potential impact on the economy will further improve. The latest Business in Britain report from Lloyds Banking Group shows that just over half (53 per cent) of businesses believe London 2012 will have a positive effect on the UK economy. Sentiment is highest in London (64 per cent) but it is also clear that businesses outside the Capital are optimistic, notably across the South and East Midlands where almost two thirds (59 per cent) expect to see economic benefits from the Games. This figure was 59 per cent for businesses in East Midlands, Lincs and East Anglia. Larger businesses are unsurprisingly the most likely to see economic benefits (71 per cent), reflecting the fact that they have gained most direct contract opportunities so far.

John Robson, Regional Director for Lloyds TSB Commercial in the Midlands and North, said: "With 500 days to go, the countdown has truly started. But there is still time for businesses to seek out their share of the London 2012 opportunity. As the Games draw closer contracts will of course become few and far between, but right now there are still real prospects for small businesses, as larger firms look for support in delivering the big London 2012 projects.

"Belief in the economic benefits of the Games is still at its highest in London. But firms outside the Capital do now seem to realise that they also stand to gain. While there is still time, businesses need to act fast to seek out contract opportunities and secure the necessary funding. Our latest figures show that more than 130,000 firms have signed up to CompeteFor - the main gateway to London 2012 contracts, but it is also vital that businesses network within their own sectors.

"We are playing a pivotal role helping UK businesses grasp the opportunities created by the Games. We have made £1 billion available for firms bidding for London 2012 contracts and throughout the country we are staging hundreds of seminars to ensure that businesses understand the opportunities available and the steps they need to take to secure them. So far one in three London 2012 contracts have been awarded to our customers."