A new £2 million funding pot has been launched to help SMEs in the West Midlands recover from the impact of the coronavirus crisis and lockdown.
The grants programme is run by Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) and has been designed to help companies adapt their business models.
Called the 'Pivot and Prosper Grant Fund, it gives businesses the chance to apply for match funding of up to £40,000.
The money is aimed at organisations seeking to accelerate their recovery from covid-19 by embracing new business models, entering new markets or changing the way they work.
To qualify, applicants must be based in one of the nine local authority areas covered by GBSLEP and operate within one of the following sectors - manufacturing and engineering, professional services, creative industries, energy and low carbon, life sciences and food and drink.
These have been identified as key sectors within the West Midlands Local Industrial Strategy which was published last year.
Applicants must have between ten and 100 employees and it is hoped the scheme will foster collaboration across different sectors.
Matthew Rhodes, director for stimulating innovation at GBSLEP, said: "It's vital that, as we emerge from the current crisis, we help businesses focus on the opportunities to accelerate recovery and spread growth and jobs across the region.
"Some of the highest potential opportunities will require greater innovation and changes in business models and we felt businesses which were willing to embrace these challenges deserved particular support.
"The Pivot and Prosper Grant Fund has been created to support businesses to embrace these new models.
"This will also increase resilience across the region, helping organisations continue to grow, strengthen and create new jobs."
This new grant funding follows the recent launch by the LEP of a series of new support schemes called Step Forward which includes grants and an apprenticeship service.
