Local Business Priority Fund 2

Neath Port Talbot Council would like to invite funding applications for its Local Business Priority Fund 2 (LBPF2) as new capital and revenue funding has been made available through the UK Government’s Shared Prosperity Fund.

The Fund is looking to provide funding to projects in Neath Port Talbot that address immediate local priorities by supporting local businesses to:
1. Diversify and grow.
2. Introduce innovation products or processes.
3. Enter new markets.
4. Build capacity and capability.
5. Improve property stock.

NPT Council considers investment in the development of local businesses as essential to achieving long-term sustainability; building capacity; increasing productivity, improving skills and developing their flexibility to respond to the changing needs of the wider economy. In addition, the bringing forward of projects that addresses the lack of, and quality of commercial premises in key industrial areas and the creation of mixed-use town centres that meet local needs.
With such investment, Neath Port Talbot cultivates a more resilient, innovative and versatile economy, with a skilled and flexible workforce that can withstand the challenges that face the global economy over time.

Available Funding
Minimum Grant Award: Up to 70% of costs, not below £25,000.
Maximum grant award: Up to 70% of costs, not exceeding £100,000.
Any project funded by the LBPF2 must be delivered within Neath Port Talbot.
All grant awards are discretionary and will be considered on a case-by-case basis.

Eligible Activities
Growth:
• Revenue and capital grants to help local businesses achieve growth and develop clear future growth and/or diversification plans.
• Projects that demonstrate job creation and/or safeguarding as a direct result of the investment.

Innovation:
• Funding for capital and revenue investment in projects that operate within the Research, Development and Innovation sector with clear, commercial delivery plans.
• Funding for projects that demonstrate innovation in processes/ products/services/technology.

Building Company Capability / Capacity:
• Projects from local businesses hat encourage the diversification of the local economy by helping companies enter new markets/industries or extend its current offer.
• Projects that support supply chain development associated within the delivery of key regional projects and/or contributing to the capacity of key growing or emerging sectors such as FLOW, ICT/Software, Manufacturing, Engineering and Renewables or Low Carbon activities.

Property:
• Projects that address the lack of, and quality of commercial premises, i.e. priority will be given to projects that support the growth of key and growing sectors as listed above and, those that support the concept of mixed-use town centres to meet local needs.