The council will submit an expression of interest for two European regional fund programmes for Eastside and the Sparkbrook and Springfield wards. An additional £6 million from Advantage West Midlands and £3.5 million from the council could match the funds.
The money could support plans for a creative quarter in Digbeth, which would bring a number of jobs to the local area. Advantage West Midlands will consider the bid and make a decision by the middle of next month.