A major new £11.78 million funding programme has opened in Port Talbot, offering a significant boost to local businesses, job creation and long-term

economic growth.

The ‘Economic Growth and Investment Fund’ is now open for applications from businesses in Port Talbot and the surrounding area. Its aim is to support companies that provide skilled, well-paid jobs and have clear plans to grow and invest locally.

The fund combines £6.78 million from the UK Government with £5 million from Tata Steel UK, and works alongside existing support from the Welsh Government and Neath Port Talbot Council to strengthen the regional economy.

Supporting transition and protecting jobs

The funding has been delivered through the Tata Steel / Port Talbot Transition Board, which was set up to safeguard jobs and the local economy during Tata Steel’s move to greener steelmaking. The board is chaired by Jo Stevens and brings together representatives from UK and Welsh governments, local authorities, trade unions and business leaders.

Since August 2024, the Transition Board has committed £122 million in total — £102 million from the UK Government and £20 million from Tata Steel — into a range of targeted funds. These programmes support retraining for former steelworkers, help local businesses and supply-chain companies adapt, and fund regeneration projects as Port Talbot transitions to electric arc steelmaking.

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”.

What the funding has already delivered

So far, Transition Board funding has supported:

- 85 new start-up businesses, through grants for essential equipment

- 59 supply-chain companies, helping them adapt to industry changes

- 141 local businesses, supported through resilience and growth grants

- Thousands of training courses for people affected by the steel transition

Thanks to the rapid rollout of support, there has been no increase in unemployment benefit claims in the Port Talbot area since the transition process began.

Several earlier schemes — including the Business Resilience Fund, Supply Chain Fund and Business Growth Fund — are now close to being fully allocated and are temporarily closed to new enquiries while applications are reviewed. All grants already approved will be paid in full.

Other funding still available

Alongside the newly launched Economic Growth and Investment Fund, applications remain open for:

- The ‘Skills and Employability Fund’, supporting people into new jobs and training

- The ‘Start-Up Fund’, helping entrepreneurs set up new businesses

These initiatives form part of a wider commitment to the future of UK steelmaking. The UK Government has pledged £2.5 billion to rebuild and decarbonise the steel industry over the coming decades, including £500 million for the new electric arc furnace currently under construction in Port Talbot.

How to apply

Businesses interested in applying to the Economic Growth and Investment Fund can find more information via the Tata Steel Transition Information Hub on the Neath Port Talbot Council website, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.

Photo by Chris Shaw / Port Talbot Centre / CC BY-SA 2.0, Wikimedia commons.