SMEs operating in the science, engineering and manufacturing sector could be set to benefit from a £65 million funding boost.
The money, which has been made available by the government, will be distributed by the sector skills body Semta to assist such firms with training.
Companies will be able to apply for grants worth between £500 and £1,800 per employee depending on what qualifications and training is needed.
According to Semta, the new funding is vital as a recent study by the body found that a lack of skilled workers in the sector is costing the UK economy around £700 million a year.
Philip Whiteman, chief executive of Semta, said: "To overcome significant skills gaps and make businesses more competitive, employers need access to funding for innovative programmes like Business Improvement Techniques."
These programmes allow workers to improve their own skills as well as providing a "bottom line profits from quality, cost and delivery" for businesses, he added.
