Impact of Shared Prosperity Fund business grants on Neath Port Talbot businesses

June 5, 2024
Shared prosperity fund for businesses in Neath Port Talbot

Applications have been open for the Shared Prosperity Fund Grants for 6 months. Discover the positive impact that this has had and learn how your Neath Port Talbot businesses can still benefit.

Through the Shared prosperity Fund, we are continuing to provide investment funding for innovation, growth, and opportunities for local businesses. The development of new and existing businesses is of critical importance to our local communities and the economy.

The key aim of the grant distribution is to cultivate a more dynamic, versatile, and sustainable economy. Ultimately driving long-lasting and far-reaching innovation and growth for businesses to make Neath Port Talbot an exciting place to do business.

Through the Shared Prosperity Fund our Economic Development Team has already helped businesses in Neath Port Talbot to start, grow and prosper. Discover the positive impact that the Shared Prosperity Fund has had so far and learn how your business in Neath Port Talbot can benefit.

What impact has the Shared Prosperity Fund made for local businesses so far?

The impact of the business grants thus far have been overwhelmingly positive, providing support and growth opportunities for a range of sectors and numerous enterprises. The availability of these grants has provided opportunity within the Neath Port Talbot business community, fostering innovation and stability. As a result, we have many case studies that highlight the specific improvements, giving insight into how the array of grants are contributing to reshaping the landscape and driving sustainable development in various sectors.

One such story is that of Croeso Day Nursery. Through the Valleys and Villages Prosperity Fund, Sam Fender is transforming a small childminding business into a day nursery with capacity for up to 48 children. As well as the benefits of helping Croeso Day Nursery start as business, it will also offer local employment, enrich the local supply chain, and offer childcare support for families in the area. Be sure to follow NPT Business on Facebook and LinkedIn to learn more about these positive stories.

To date, £1.76m of our Shared Prosperity Fund has been offered in grants. This has been allocated between 127 approved applications. As a result more than 370 potential jobs will be created and a further 264 potential jobs will be safeguarded. Importantly these grants have helped to ensure that businesses in Neath Port Talbot thrive. By empowering local businesses, and enriching local supply chains, the wider Neath Port Talbot communities benefit.

What business grants are still available through the Shared Prosperity Fund?

Are you a business owner in Neath Port Talbot wanting to finance your next big project? If you are looking to start, grow, or innovate your Neath Port Talbot Business, there is still £1m in grant funding available. New and existing business can apply for grants now! Learn more about the grants available.

New business start-ups

New business start-ups can apply for a grant of £500- £5,000 which will be match funded as follows:
100% of eligible costs up to £2,000,
50% of eligible costs between £2,000 and £5,000.

Start-ups with eligible costs over £8,000 can apply for a grant match funded at up to 50%.

Existing businesses and inwards investors

Businesses can apply for grants of between £500-£50,000 which will be match funded at up to 50%.

Green renewable funds

The rise of new sustainable technology comes at a cost. We see the importance of providing businesses with sustainability funding to have an impact on both a business’s costs and carbon footprint, for a greener world. The fund is for business investment in either power systems or heating systems implementing green technology. The grant provides up to 50% of eligible costs, or a maximum of £25,000 to invest in green technology.

There is a two-stage application process for all grants, an expression of interest followed by the application. When you express your interest a member of the expert Economic Development Team at Neath Port Talbot Council will be on hand to guide you with your application. Enquire today to get started.

Enquire here now!

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You may also be interested in:

Valleys and Villages Prosperity Fund

Heritage, Culture, Tourism and Events Fund

Commercial Property Grant