Five Coventry and Warwickshire businesses have been awarded government funding worth £6.2 million which has created 225 jobs.
The companies have secured the grants and loans from the West Midlands and Liverpool City Region Programme as part of the Advanced Manufacturing Supply Chain Initiative (AMSCI).
Businesses were targeted in four LEP areas in Coventry and Warwickshire, Greater Birmingham and Solihull, the Black Country and Liverpool City Region to receive support for their expansion plans.
Coventry-based ADV Group in Bayton Road, Exhall, B2 Automotive Components in Little Heath Industrial Estate, Old Church Road, Marrill Limited in Waterman Road, Red Lane, and CFS Aeroproducts in Bubbenhall Road along with Innovate 2 Make on the Tachbrook Park Industrial Estate in Leamington have benefited to a total of £6.2 million.
Karl Eddy, vice chair of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) said AMSCI had made a real difference to the five businesses.
He said: “The entire funding pot for the four LEPs was £19 million and businesses within our LEP area received a total of £6.2 million.
“The grants and loans will support businesses buying capital equipment, pursuing research and development activities, and training and skills development which are all designed to improve the size, quality and global competitiveness of the advanced manufacturing supply chain sector across the UK.
“The funding has enabled the five businesses in Coventry and Warwickshire to create 225 jobs in the automotive and aerospace industry as well as safeguarding a further 41 jobs.
“AMSCI was designed to encourage closer collaboration of at least two advanced manufacturing businesses operating in the same supply chain.
“As well as encouraging closer working relationships between companies who have skills which complement each other, it is important we lay the foundations for the future in teaching these valuable skills to the next generation as well as safeguarding jobs for today’s workforce.
“Coventry and Warwickshire is renowned for attracting world-class advanced manufacturing companies at all stages of the supply chain as well as having strong links in the aerospace sector which was a major factor in our successful City Deal bid.
“This flexible way of providing funding has helped to remove any barriers which suppliers and supply chains can sometimes face because we all want to encourage growth to boost the economy and create jobs which is the major focus of the LEP.”