MAJOR companies in Yorkshire could get millions of pounds to fund large-scale research and development projects.

Regional development agency Yorkshire Forward has landed £24.4m of funding for its Industrial Research and Development scheme.

It is now opening the door to applications from large companies.

Agency staff will explain how the scheme works at 8am breakfast briefings on Tuesday at the Royal Armouries in Leeds and the following day at Tankersley Manor, Sheffield.

The grants aim to encourage companies to develop new products which will help them grow and become more competitive by cushioning them from some of the financial risk associated with new product development.

The scheme encourages firms to collaborate with other companies or universities on their projects.

The proposed research and development project must have a total value of between £650,000 and £2.5m and last between one and two years.

Yorkshire Forward has set a deadline of November 21 for outline proposals – after which an independent assessment of the applications will take place. Successful applicants will be asked to submit a full proposal before the end of January.

Alex McWhirter, assistant director of business at Yorkshire Forward, said: “In a climate when companies of all sizes are struggling to access finance for new developments, these grants should help our regional businesses retain their competitive edge.”

Companies interested in attending the briefing sessions can contact John Millar on 0113 3949866 or email John.Millar@yorkshire-forward.com