Businesses across Birmingham and Solihull are being encouraged to take advantage of the Diversification Programme before it is too late.
The regional initiative, managed by Birmingham Chamber of Commerce and Industry, is intended to help SMEs diversify into new products and markets, but the organisation is encouraging companies to apply as soon as possible to ensure the programme of support is completed properly.
Keith Dunton, diversification manager at Birmingham Chamber, said: "The previous programme invested £17 million over a three-year period in almost 1,000 companies in the West Midlands region - over 220 of which were in the Birmingham and Solihull area.
"This is a scheme for any company that is looking to develop into new markets and new products to ensure their long-term future."
Companies will initially receive a benchmark comparison of their performance and a strategic action plan to identify the diversification route and purpose.
Funding for consultancy and or training is available at 50 per cent, up to a maximum grant of £9,000 or exceptionally £30,000. To be eligible firms must be based in Birmingham or Solihull with fewer than 250 employees and have an annual turnover not exceeding £50 million.
One of the firms assisted was Industrial Pyrometer. It was looking to increase the flexibility of its furnace temperature controllers in order to stay ahead in its key markets.
The Diversification Programme enabled it to invest in new electronics, hardware and tooling to help design a new state-of-the-art controller which can be used across various industries
John Smith, managing director of Industrial Pyrometer, said: "The Diversification Programme has been vital in supporting the company and sharing the risk involved in new product development. "