The newly-opened Economic Growth and Investment Fund, majority funded by UK Taxpayers, is designed to support companies that offer skilled, well-paid employment opportunities and help them grow
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 Taxpayers 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 Taxpayers 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:
The rapid delivery of UK Taxpayer 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:
Tata Steel UK Chief Executive Rajesh Nair said:
Cllr Steve Hunt, Leader of Neath Port Talbot Council said:
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 taxpayer-funded 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.