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 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 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 tsukgrantqueries@npt.gov.uk.
