More businesses in Coventry and Warwickshire will be able to benefit from European and government funding after the state aid map was re-drawn.
The European Commission has approved proposals for amendments to the UK Assisted Area Map which will come into force on Tuesday, July 1.
The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) has been involved in two rounds of consultation with the Department for Business, Innovation and Skills to assist in updating the regional aid map for 2014-2020.
The finished results have been ratified by the European Commission and will mean more businesses across Coventry and Warwickshire can apply for additional funding and tax breaks to create jobs, invest in new premises or machinery and grow.
Jonathan Browning, chairman of the CWLEP, said the new guidelines were good news for businesses whether they were an SME or a multi-national.
He said: “Talks on modernising the UK’s Assisted Area Map have been on-going for some time and the revised map will give more businesses in Coventry and Warwickshire the opportunity to benefit from public funding via Europe, the government and local authorities.
“The purpose of setting guidelines for the next six years is to provide a framework within which to encourage businesses to grow and be innovative which, in turn, will create jobs, boost the broader economy and entice more people to live and work in our area.
“We believe the updated map is very positive for Coventry and Warwickshire and will provide more opportunities for businesses throughout the area from July 1.”
The revised map will mean 28 wards in Coventry and Warwickshire will receive assisted area status – 15 wards in Coventry, eight in Nuneaton and Bedworth, three in North Warwickshire, one in Rugby and one in Warwick district – but businesses in other parts of the area can still receive support.
Assisted area status means businesses can apply for regional aid, including the Regional Growth Fund and the Advanced Manufacturing Supply Chain Initiative, to help with capital investment.
Businesses can determine if they qualify for funding from the European Commission by searching an area of interest through the place name, postcode, Local Enterprise Partnership (LEP), local authority or Westminster constituency at www.ukassistedareasmap.com