£11.7m Tata Steel Transition Fund Opens New Opportunities for Welsh Fintech and Digital Innovation

Businesses across Neath Port Talbot, Swansea and Bridgend are being invited to apply for a major new funding opportunity designed to support investment, growth and job creation as part of the Tata Steel transition—creating wider opportunities for digital, fintech and innovation-driven businesses supporting this transformation.

The Economic Growth & Investment Fund, administered by Neath Port Talbot Council on behalf of the UK Government and Tata Steel UK, is now open for applications, offering grants of between £300,001 and £1.5 million to support business expansion and new economic opportunities in the region.

The fund is made up of £6.78 million from the UK Government and £5 million from Tata Steel UK, forming part of the wider economic response to Tata Steel UK’s decarbonisation plans.

The fund has been established to help stimulate investment in sectors with strong growth potential, including advanced manufacturing, engineering, green energy, digital technologies and other industries linked to the emerging green economy.

Businesses can apply for funding to support projects such as the purchase of new equipment, upgrades to commercial premises, investment in new technologies, or initiatives that enable companies to diversify, increase productivity and create high-value employment.

Grants will typically cover up to 70% of eligible capital and revenue costs, with awards ranging from £300,001 to £1.5 million. In exceptional circumstances, funding may increase to £2 million.

The programme aims to support projects that attract and encourage investment and growth, increase productivity and foster innovation, create and safeguard high-value sustainable employment, and enhance business property and infrastructure.

Eligible applicants must be based in, or relocating to, Bridgend, Neath Port Talbot or Swansea, be a small or medium-sized enterprise (SME) or a stand-alone profit centre, and have been actively trading for a minimum of 24 months.

Priority will be given to businesses operating in key sectors including high value advanced manufacturing, green energy and renewables, materials and circular economy, digital and technology, engineering, med-tech, defence, construction, and industries linked to the green economy. Businesses supporting Tata Steel UK’s transition to green steelmaking, as well as sectors such as floating offshore wind, tidal energy and hydrogen production, are also encouraged to apply where they can demonstrate significant local economic benefit.

Councillor Steve Hunt, Leader of Neath Port Talbot Council, said:

“The transition taking place at Tata Steel represents a significant moment for our local economy. This fund provides an important opportunity to support businesses that are ready to invest, grow and create new jobs across Neath Port Talbot and the wider region.

“We want to encourage ambitious businesses with strong growth plans to come forward with projects that can deliver lasting economic benefits, strengthen our local supply chains and help build a more resilient economy for the future.

“Neath Port Talbot Council is proud to be administering this fund on behalf of the UK Government and Tata Steel UK, and we look forward to supporting businesses that can play a key role in the region’s next chapter of economic development.”

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.

“The UK Government 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 £5 million 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.”

The fund operates through a competitive application process, with projects assessed on criteria including economic impact, value for money, innovation and deliverability. Successful applicants will be required to contribute match funding and demonstrate how their project will support business growth and long-term economic benefits for the region.

Businesses interested in applying are encouraged to review the application guidance before submitting proposals.

Further information, including eligibility criteria and application guidance, is available via the Economic Growth & Investment Fund.

For enquiries, businesses can contact the Tata Grants Team via [email protected].

For Wales’ fintech and digital ecosystem, the fund represents a significant opportunity to support businesses scaling through this transition—particularly as organisations investing in growth, decarbonisation and new technologies increasingly require financial, data and ESG-focused digital solutions to enable that transformation.