Green Shoots Plus fund has allocated £515,000 in grants to local firms, potentially creating 48 jobs and safeguarding 155 more posts.
In total, £4.2m is available through a bidding process open until March 2017.
Green Shoots Plus aims to create more than 370 jobs across the Black Country, Stafford, South Staffordshire, Shropshire, Telford and Wrekin and Herefordshire.
The companies who have succeeded in their bids have been allocated funding and are going through due diligence checks.
The project, administered by the University of Wolverhampton, uses money from the government's Regional Growth Fund.
Applicants can seek a grant worth between £10,000 and £150,000 to cover up to 30 per cent of the costs of their plans.
A panel of expert business leaders meets on a regular basis to assess applications.
Chris Leggett, brand and communications manager for Express & Star publisher Midland News Association, chaired the meeting at the University's Business Solutions Centre last week.
He said: "Green Shoots Plus is already packing a punch in delivering job creation to the region.
"The funds allocated to local businesses could be instrumental in generating the success stories of years to come.
"There is still more than £3.5m of potential investment available so any company based in the qualifying areas should contact the team to see if they can benefit."
The original Green Shoots Fund distributed more than £1 million in grants to 35 businesses across the Black Country.
It aimed to create 44 jobs but is on course to deliver an impressive 128 jobs.
A further target of safeguarding 50 jobs was also set, but 73 positions are expected to be secured.
The campaign has seen £1.22 million distributed in the Black Country, generating a further £2.97 million in private investment for the region.
The larger, second fund, backed by our sister paper the Shropshire Star will do even more.
To find out more, complete an expression of interest form at here.