The University of Cumbria has successfully bid for £2.3m to help improve the efficiency levels of small and medium sized businesses.

The money comes from the European Regional Development Fund and is aimed at accelerating eco-innovation research.

The university’s hope is that the research may result in more collaborations between the university and local businesses.

Annette Suddes, eco-innovation project manager, said: “We’re really excited to be able to announce that we’ve secured funding which now means we can help develop technology in companies across Cumbria and Lancashire.

“We know that small and medium-sized enterprises (SME’s) have to work hard to maintain their competitive advantage in the development of new, low-carbon products and processes.

“What we’re able to offer is tangible help - either with academics or students from the university - to help an idea become a reality.”

She added: “We know SME’s, big and small, have ideas which could take off if they had some support to make it happen,”

”This could be in the form of a short term placement where a student works exclusively on a project or a longer term scheme delivered by the University of Cumbria or one of our partner universities.”

A launch event for the project, named Eco-Innovation Cumbria, will be held at the university’s Ambleside campus on the April 4 between 9.30 and 3.

Eligible businesses will have access to a programme of events which will include more detailed forums, lectures and residential workshops.

Funds are also available for placement of researchers into businesses where there are ideas for innovation which will lower greenhouse gases.

The scheme will run until 2020, and is being managed by University of Cumbria, and is part-funded by ERDF while the University of Lancaster and University of Central Lancashire are also partners.