Government launches new start-up business fund for Port Talbot steelworkers
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Posted: Mon 18th Nov 2024
Steelworkers affected by the closure of the blast furnaces at the Tata Steel factory in Port Talbot, Wales can get help to set up a business through a new £13m fund.
Non-repayable grants of up to £10,000 will be available for steelworkers, their immediate family members and people in the supply chain.
The fund will also provide grants of between £2,500 and £25,000 to local businesses affected by the ongoing Tata Steel transition to greener processes to help them diversify into new markets, create new jobs and to find opportunities in emerging sectors. Small businesses like shops and cafes can apply, as well as larger companies such as construction firms.
The third part of the funding is grants of between £25,001 and £250,000 for existing firms that are seeking to increase their role in the local economy.
Those interested in the grants can register their interest or send questions to tsukqueries@npt.gov.uk
Welsh secretary Jo Stevens said:
"This remains a really difficult time for workers in Port Talbot and their families. Many of them will have aspirations to set up their own businesses or become self employed and the £13m released will provide vital backing for them to make their plans a reality.
"We said we would back workers and businesses affected by the transition at Port Talbot and we are doing so with more than £26m announced since July."
In October, the government announced the £13.5m Employment and Skills Flexible Fund aimed at helping steelworkers and individuals employed in the supply chain find appropriate work through training and upskilling.
The controversial closure of the blast furnaces in September brought an end to traditional steelmaking in Port Talbot and the loss of 2,800 jobs.
The government is providing a total of £80m in funding to support workers and businesses through a transition board.
An online resource of support is available at www.npt.gov.uk/TataTransition
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