A £2.46 million pot of government cash has been made available to Island firms through the Isle of Wight Council and Solent Local Enterprise Partnership.
Companies in the marine, maritime and advanced manufacturing sectors including those in composite engineering can apply for the funding designed to help firms expand, start up new activities or diversify.
The money, dubbed the Isle of Wight Expansion Fund, is being administered by the Solent Local Enterprise Partnership (LEP) in collaboration with the Isle of Wight Council.
A launch event is being held at the Quay Arts Centre, Newport on Thursday next week, from 11am to 2pm, when organisations can find out more about the expansion fund, the bidding process and any investment required.
Leader of the Isle of Wight Council Cllr Ian Stephens said: "The council has been working very closely with the Solent LEP in applying for the funding and now in delivering the scheme for local businesses.
"It is very important the council and Solent LEP work together to help support these industries and strive to support new projects and subsequent new employment opportunities and I would encourage local firms to register for the open day later this month."
Anyone wishing to book for the launch event should email their name, job title and organisations to firstname.lastname@example.org by this Friday.
Places are limited to two per organisation and are allocated on a first come first served basis.