The new Media Produciton Fund is open to film and digital projects from across the UK, and an emphasis will be given to projects shooting, doing post-production or employing creative talent in the West Midlands.
The slate includes Vito Rocco's Faintheart (now shooting as the winner of the MySpace MyMovie Mash-up competition), and also includes the seven-film deal between Slingshot and Screen WM.
Screen WM has previously invested in films including Confetti, The Road To Guantanamo, and Straightheads.
The new funding is supported by RDA Advantage West Midlands and the European Regional Development Fund via the Government Office for the West Midlands.
Screen WM's head of production and development, Lee Thomas, said: 'This announcement provides a huge boost for the UK film industry as regional film funding remains a cornerstone of film financing in the UK. This development helps secure this Region's future in the rapidly expanding film and digital media content business. We're hoping to attract significant production to the West Midlands, whilst supporting our homegrown talent.'