Economic Growth and Investment Fund
In response to Tata Steel (UK)’s decarbonisation plans and associated restructuring at their Port Talbot site, an Economic Growth & Investment Fund has been established. The fund is made up of £6.78 million from the UK Government and £5 million from Tata Steel UK.
The fund seeks to support growth projects that will provide long-term economic benefits, stimulate new investment and create sustainable new jobs within the local authority areas most impacted.
Grants of between £300,001 and £1.5m at 70% of eligible capital and revenue costs can be awarded to successful applicants. In exceptional circumstances this could increase to £2m.
The fund will support projects that:
- attract and encourage investment and growth
- increase productivity and foster innovation
- create and safeguard high-value sustainable employment
- enhance or improve business property and infrastructure
Your business may be eligible to apply if it:
- is in, or locating to, Bridgend, Neath Port Talbot or Swansea local authority areas
- is a Small, Medium Sized Enterprise (SME) or a stand-alone profit centre for a group
- has been actively trading for a minimum of 24 months
AND
- operates in a key sector, i.e. priority will be given to businesses operating in High Value Advanced Manufacturing, Green Energy & Renewables, Materials & Circular Economy (including those supporting the Steel sector), Digital/Tech, Nuclear, Engineering, Med-Tech, Defence, Construction, Carbon Capture, Utilization & Storage (CCUS), Hydrogen Production and industries linked to the green economy
Businesses with the potential to strengthen local supply chain and linked to Tata Steel UK’s transition to green steelmaking, Floating Offshore Wind (FLOW), Tidal, and other industries, will also be eligible to apply if they can evidence a significant benefit to the local economy.
How can I access the funding?
Please click the link below to find out more information and to read the Criteria & Guidance for Applicants and Frequently Asked Questions (FAQs) to check your eligibility before applying.
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