Martin Yardley, chief executive of the LEP, said local companies were "crying out" for investment and the Growing Places grants also required the firms to source private investment for their projects.
BBC: Coventry engineering jobs boost from grant
2.
The aim is that it will attract research grants and private investment that will create 31 jobs initially but up to 45 more over the next five years.
BBC: ?4m wound research 'will save NHS cash,' Prof Harding says
3.
He also notes that the winding down of the program that a Treasury Department program that provided cash grants instead of investment tax credits also appears to be slowing the pace of new projects.
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