More than £1.2 million has already been allocated from the British Steel Support Fund to help support North Lincolnshire businesses.
The money has been provided as part of a £3 million pot which was launched in March.
So far £1.2 million has been granted to five local businesses to create and safeguard jobs and a further six applications are waiting for approval totalling £576,000.
The support fund aims to support North Lincolnshire businesses through grants towards capital investment, training, research and development.
It also helps to safeguard jobs in supply chain companies and support the creation of new jobs.
So far the funding has supported the creation and safeguarding of 173 jobs with a further 140 jobs in due diligence and an additional 28 jobs in the project pipeline.
This has exceeded the target of 250 jobs.
Councillor Liz Redfern, Chair of the British Steel Support Fund, said: ”I am delighted that the British Steel Support Fund is helping to support businesses within the British Steel supply chain and other local businesses.
“A target was set for 250 jobs to be created and we are well on the way to exceeding this, which is a fantastic achievement. Not only does the funding help create and safeguard jobs, but it gives businesses the opportunity to grow.
“Funding is still available for businesses needing support, so please get in touch and apply for a share of the funding.
“We are fully committed to supporting and helping all businesses across North Lincolnshire in any way we can. We will continue to identify ways of helping businesses reach their potential and develop.”