The council will obtain a portion of the £5.6 million allocated by the Scottish Government to set up the programme as a springboard for businesses in the immediate pandemic recovery period.

Council leaders have said that the range of other assistance will remain available to companies in Angus but they hope the new fund will bring forward new ideas from micro-businesses to firms with up to 250 staff.

Communities committee councillors will be asked to approve the idea early next week.

The planned breakdown of the cash includes 15 £2,000 grants for micro firms with five staff or fewer and 15 awards of £5,000 for businesses with five to ten employees.

There could be five £8,000 grants available for 11-50 staff operations and two £15,000 helping hands for firms with up to 250 workers.

In addition, three one-off awards of £25,000 may be given to the projects considered the most innovative and with the greatest impact, The Courier reports. 

Alison Smith, interim director of vibrant communities and sustainable growth, said: “As part of our economic recovery, we have identified a gap in support for those businesses looking to improve or increase their current product-service offer.

“We are therefore keen to offer grant support to underpin companies looking to develop new products, services, in-house efficiencies or build on other areas of diversification.

“In particular, we are keen to consider funding projects which are not part of current business operations but instead focus on researched and developed proposals which can be delivered this year.”

Officials say working with firms on Covid grants has provided a greater knowledge of the Angus business sector.

The director’s report reads: “The funding will therefore be part of a package of support – a holistic approach – and not be seen as being delivered in isolation from other services which we provide.

“The fund is aimed at companies of up to 250 employees who can demonstrate ambition to innovate or diversify.

“This will be a discretionary fund, with each case being considered on its merits, based on agreed assessment criteria including outcomes, jobs created, benefits to the company and economic impact potential for Angus.”