The Cardiff Capital Region has launched a £100,000 seed fund to support new ideas aimed at boosting the economy of Bridgend.
It comes after Ford confirmed it will close its engine plant in the town with the loss of 1,700 jobs next year.
There was a boost for Bridgend last month with confirmation that Ineos Automotive has selected a site next to the Ford plant, for its new 4x4 offroad vehicle.
The investment could create up to 500 jobs in a project which will see components manufactured in Portugal assembled at the new plant.
The funding has been confirmed by the cabinet for the Cardiff Capital Region which is made up of the leaders of the ten local authorities that make up the region and which includes Bridgend County Borough Council.
Some £50,00 has been assigned from the £1.2bn City Deal for the city region, which is being matched by the Welsh Government to fund feasibility work and develop business case proposals.
This seed fund will ensure Bridgend Council has initial resource to begin developing proposals for projects that can help mitigate the impact of potential job losses and stimulate growth of new future-proofed industries.
Some of the areas identified by Bridgend Council which could be developed as competitive strengths include innovation in clean growth and renewable energy incubation space for start-up businesses in priority sectors and continued town centre improvements.
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While subject to any future assessment there is potential for projects that emerge to secure greater levels of City Deal backing.
Leader of the Bridgend and cabinet member for the Cardiff Capital Region, Huw David said: “I am thankful to my colleagues in the Cardiff Capital Region and Welsh Government for prioritising seed investment that could activate opportunities to help alleviate some of the impact of the prospective Ford plant closure and to advance the prospects we believe could emerge as key local economic strengths.
“This is not the answer in itself and there aren’t any silver bullets, but it’s a show of strength and solidarity and as we have seen with the City Deal itself, small seeds can grow big potential.”
He added: “I know this does not guarantee access to larger City Deal or government investment funds. Accessing these will be about the persuasiveness and strength of the investment proposals we use this seed money to develop.
"However, it certainly gives us the boost we need and the means to kick things off and be ambitious in our quest to lever in the investment – public and private – to build a strong economic future for Bridgend, especially after the exciting news that, with Welsh Government support, Ineos Automotive is to build its new 4X4 vehicle here in Bridgend.”
Economy and Transport Minister Ken Skates said: “When we announced Ineos is moving to Bridgend, I said work to support the area in the wake of Ford’s proposals would not stop there.
“This joint initiative by the Welsh Government and Cardiff Capital Region will be vital in further accelerating new business opportunities which will support Ford workers and boost efforts to secure an exciting future for the town.
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“A key aim of the Ford taskforce is to identify and promote economic opportunities of the site, the area, the workforce, and supply chain to create viable and sustainable commercial options for Bridgend moving forwards.
"I am confident this funding will help to do that, and build on the economic and social resilience of the local community as we work to maintain, promote and grow economic confidence.”