A NEW grant system which would help young science and technology companies win bigger contracts could be up and running at Malvern Hills Science Park by the autumn.

MHSP expects to hear from Advantage West Midlands in September, after submitting a bid to enable it to set up the capital grant system.

If it gets the go-ahead, the system will be called the Marches Technology Fund.

Funding manger Wendy Jackson said it would enable fledgling companies from all over the area to apply for up to £25,000 match funding to help buy equipment essential for expansion.

Although the grant system will be run from MHSP, Ms Jackson said she hoped it could also be of wider benefit.

"We hope to be able to offer grants to some of the businesses here at the science park but also businesses in Herefordshire," she said. "We're not trying to pull everybody from elsewhere to come here. We would like them to stay where they are but we'll give them grants to help them grow in situ."

Companies eligible for grants must have been established for at least 18 months and have the money to match any funds.

Ms Jackson said: "It's for capital grants to address barriers or problems to growth, where the money could be used to help adapt premises or buy new essential equipment, hardware or software."

The money could also be used to improve security at office premises, as is sometimes required by larger contracting companies.