Ex-staff from MG Rover, Jaguar, Peugeot and companies in the automotive supply chain will be offered training under the FastStart 2 programme run by mustard.uk.com.
The scheme could also be open to LDV workers if the vanmaker confirms rumours that 230 jobs are to be axed at its Washwood Heath plant.
Budding entrepreneurs will be able to access a range of business development and mentoring services designed to help them launch their own high-growth companies.
"What we are looking to do with FastStart 2 is to find potential entrepreneurs, who can transfer existing experience and talent into creating high growth firms, that will ultimately create jobs and add value to the local economy," said Kul Sanghera, project director at mustard.uk.com.
"We've also extended the original FastStart format to include a new business opportunities clinic that will help entrepreneurs who may want to become their own boss but may not have a concrete proposition," he added.