Launched by business secretary Vince Cable, the grant fund - part of the third round of the government’s Regional Growth Fund - is administered by the New Anglia Local Enterprise Partnership (LEP).

Aimed at SMEs in Norfolk and Suffolk the finance scheme is open to applications from firms with growth plans but that would be unable to realise them without additional backing.

The fund will provide grants up to 20% of an investment plan – between £25,000 and £100,000 – to businesses with a viable and sustainable business plan and that can create at least one job for every £10,000 provided.

Following a record year in 2012 when 40-staff Redpack achieved £3.25m turnover, the company is among SMEs that are expected to apply for backing from the fund.

Commercial manager Peter Smith said the company had already added space to its existing Norwich facility around four times, and was currently considering whether to expand again or to move to a new premises.

"We had our best year last year and we already expect to beat that in 2013," he added.  "We are full to bursting at the moment. We have so many machines in production at the moment and we will certainly need to take on more engineers."

"It was great to have the fund launched here and it was a really positive visit from the minister."

Launching the fund Cable said: "A lack of finance is one of the biggest barriers facing firms that want to grow. The government is already taking steps to help companies bridge that gap and now, thanks to this new fund, businesses across East Anglia will get that helping hand they need."

Chairman of the New Anglia LEP Andy Wood added: "I’m delighted the Secretary of State has had the opportunity to visit and see at first hand some exciting, innovative companies and we hope Redpack will secure the funds they need."