Businesses in Port Talbot and the surrounding area can now apply to a new £11.78 million fund to create high-quality jobs and attract long-term investment.
The newly-opened Economic Growth and Investment Fund is designed to support companies that offer skilled, well-paid employment opportunities and help them grow.
The fund is made up of £6.78 million from the UK Government and £5 million from Tata Steel UK and will complement the work of the Welsh Government and Neath Port Talbot Council to strengthen the local economy.
The funding is the latest from the Tata Steel / Port Talbot Transition Board, chaired by Welsh Secretary Jo Stevens and including representatives from the UK and Welsh Governments, local authorities, unions and business. It was set up to protect jobs and the local economy during Tata Steel’s ongoing transition to greener steelmaking in the town.
Since August 2024, the Transition Board has now allocated £122 million – £102 million from UK Government and £20 million from Tata Steel – into different funds which provide skills training for ex-workers, support for businesses and the supply chain and regeneration projects as Tata Steel carries out its transition to electric arc steelmaking.
So far, the Transition Board funds have offered
- Financial support for the creation of 85 new businesses using grants for equipment through the Start-Up Fund.
- 59 companies in Tata Steel UK’s supply chain grants from the Supply Chain Transition Fund.
- 141 businesses in the local area grants from the Resilience and Business Growth Funds.
- Thousands of training courses for individuals affected by the Tata Steel transition.
The rapid delivery of UK Government funding has helped to ensure that there has been no increase in unemployment benefits take-up in the Port Talbot region since the Tata Steel transition process began.
Secretary of State for Wales Jo Stevens said
This new fund is a powerful example of what can be achieved when government and business work together to deliver for communities. Backed by over £11.7 million, it will help local businesses grow, create high-quality jobs and attract more new investment to Port Talbot.
As a government we have acted decisively to ensure that steelmaking would continue in Port Talbot and also to provide extensive financial support for steelworkers, supply chain businesses and the wider community.
So far £122 million has been allocated by the Port Talbot Tata Steel Transition Board resulting in thousands of grants distributed locally for retraining, business investment and regeneration projects.
We said we would back the steelworkers of Port Talbot, their families and businesses dependent on Tata Steel and we have delivered on that promise.
Tata Steel UK Chief Executive Rajesh Nair said
Tata Steel UK’s contribution to the new Economic Growth and Investment Fund reflects our ongoing commitment to supporting the long‑term development of the Port Talbot area as we transition to greener steelmaking. This new fund will help encourage businesses to come into the area, grow, innovate, and create high‑quality local jobs.
We are proud to work alongside the Transition Board and our partners across government and local authorities to strengthen and diversify the local economy, support skills development and attract the long‑term investment that will secure a sustainable future for Port Talbot and its communities.
Cllr Steve Hunt, Leader of Neath Port Talbot Council said
The Economic Growth and Investment Fund will provide crucial backing for local industry as we diversify and transition our economy towards new sectors and opportunities.
The funds already launched by the Tata Steel / Port Talbot Transition Board have made a huge impact and our Economic Development team will again provide support and advice to interested parties.
After successfully allocating grants to hundreds of businesses and individuals, the Business Resilience Fund, Supply Chain Fund and Business Growth Fund are nearly committed and are currently paused to new enquiries while applications are reviewed. Every person and business so far allocated a grant will receive it.
In addition to the newly-opened Economic Growth and Investment Fund, the Skills and Employability Fund for people seeking new jobs and training and Start Up Fund for people seeking support in setting up their own business remain open for applications.
The UK Government has committed £2.5 billion of investment to rebuild the UK’s steel industry for decades to come as it decarbonises.
This is in addition to the £500 million allocated to Tata Steel in Port Talbot for an electric arc furnace, which is now under construction.
To enquire about the new Economic Growth and Investment Fund, please visit the application website at Tata Steel Transition Information Hub – NPT Council or contact [email protected].