HEREFORDSHIRE companies have the chance to bid for a new £4.2m fund from the University of Wolverhampton fund.

The Green Shoots Plus scheme is funded by the Regional Growth Fund and aims to support small to medium enterprises (SMEs).

Run in association with the Hereford Times and the Express and Star, it aims to create nearly 400 jobs over two years.

Grants of between £10,000 and £150,000 will be available for businesses to bid for from the West Midlands region.

Businesses from certain key sectors will be able to bid for funding with support targeted at businesses from sectors identified by the Local Enterprise Partnership (LEP) as having the most potential for growth and maximising impact for the local economy.

These include advanced manufacturing, building technologies, transport technologies including aerospace, environmental technologies and Business to Business Services.

Deputy Vice-Chancellor Professor Ian Oakes said: “This is a huge boost to businesses in the region and provides them with an opportunity not only to create and safeguard jobs but also to grow and become more competitive.

“It will also provide a greater level of grant funding meaning it will create even more jobs and allow businesses to innovate and have greater sustainability.

“The University of Wolverhampton is proud to play a leading role in economic regeneration in the West Midlands and recognises the importance of attracting government funding into our region to support local business growth."

Businesses can bid for a maximum of 30 per cent of total project costs from the fund.

They will have to demonstrate a sound business case, job creation plan, a return on investment, and that they have been turned down for finance in the past.

Companies receiving grant support will also be provided with expert mentors drawn from the University who will be able to work with them as needed for at least 12 months to maximise the benefits of the investment.

For more information about the Green Shoots Plus scheme and the full eligibility criteria call 01902 321272 or email enquiries@bcgrowthhub.com