Coventry and Warwickshire has been selected as one of five locations in England to benefit from the government’s new Rural Growth Network.
About 500 jobs will be created by the scheme which is could boost the local economy by as much as £50million, it is claimed.
The pilot scheme will see a new Rural Innovation and Technology Centre at Stoneleigh and enterprise centres at Shipston-on-Stour and Atherstone.
The network will enable businesses in rural areas to break down barriers to growth - such as lack of space and slow internet connection.
Environment secretary Caroline Spelman made the announcement, and added: “Coventry and Warwickshire’s Rural Growth Network will unlock the potential of rural businesses by fixing the problems that have held back great business ideas in the past.
“It will address the local shortage of work premises, establish new business networks and provide new and innovative technologies to create new business opportunities.
“As a result, we expect to see 500 new jobs created and 150 business start ups in the next three years, boosting the regional economy by as much as £50million.”
Five public and private sector partnerships were chosen for the government’s £15million project – which in total will create more than 3,000 jobs.
The Coventry and Warwickshire Local Enterprise Partnership bid included Warwickshire County Council, Coventry and Warwickshire Chamber of Commerce and the Royal Agricultural Society for England.
The scheme will showcase low carbon and environmental technologies as well as targeting rural enterprises led by women.
Denys Shortt, chairman of the LEP, said: “This is fantastic news for Coventry and Warwickshire and truly shows the strength of the commitment and work that has been brought together under the LEP.”
Coun Alan Cockburn, of Warwickshire County Council, said: “For Coventry and Warwickshire to be selected by the government as a Rural Growth Network is a welcome boost for the area.”