More than 5,500 jobs could be created in the Black Country if a host of bids to the third round of the Government’s Regional Growth Fund are successful.
It has been estimated the 16 bids could also bring in a total of £300 million worth of investment to the region.
The bids, supported by a Black Country Local Enterprise Partnership led group, have now been submitted to Government.
They have been made by companies from a range of sectors including automotive, advanced manufacturing and environmental technologies.
The Black Country LEP has also formed a joint programme bid, which could benefit around 40 more companies from the region.
Individual bids by the firms would not have met the criteria for the government funding stream which requires minimum applications of £1 million.
In total the Black Country application for funding is believed to be in excess of £70 million with well over £300 million of additional private sector investment committed if the bids are successful.
Paul Brown, the Black Country LEP’s private sector lead on access to finance, said: “The LEP has worked closely with a number of private sector bids to maximise their chance of success and we are confident that all our bids are strong and meet the criteria.
"If successful we will be welcoming well over £300 million of investment into the Black Country.”
Councillor David Sparks, LEP board member and leader of Dudley Council, added: “I am pleased to see a number of applications have been submitted from companies in the Black Country and we are hopeful they will be successful and help create thousands of jobs for local people.
“Around 40 businesses from the region are involved in these bids which would safeguard around 3,500 existing jobs and create around 5,500 new jobs.”
The Black Country LEP worked with partners including the four Black Country local authorities, Manufacturing Advisory Service and Black Country Chamber of Commerce to co-ordinate the bids.
They are now with BIS (Department for Business Innovation and Skills) for appraisal with a decision expected in the autumn.