Plans for a £7.5 million tech hub in Birmingham have received £355,000 in enterprise zone loan finance.
Innovation Birmingham was granted the money by the Greater Birmingham & Solihull Local Enterprise Partnership which will help the body build incorporate a 4,500 sq ft mezzanine in the iCentrum building at Birmingham Science Park Aston.
Once completed, iCentrum will now comprise a total of 41,700 sq ft of space and is aiming to create 400 jobs in the tech sector by attracting companies and encouraging start-ups to base themselves in Birmingham.
It represents the first phase of expansion of the Innovation Birmingham Campus which currently comprises the Faraday Wharf building and is part of the wider Birmingham Science Park Aston estate.
In addition to the £355,000 LEP funding, a commercial loan for £7.5 million to cover the main construction and fit-out costs has been agreed with the council.
The new businesses based there are expected to generate £25 million of GVA to the local economy per year.
Chris Webster, LEP board director with responsibility for the enterprise zone, said: "There could not be a more fitting first development for the central Birmingham Enterprise Zone.
"iCentrum will drive forward our Smart City agenda, creating hundreds of new jobs within SME tech firms."
It is due to be open for occupation in early 2016.
