This latest fund from the Foundation, which will build on and replace The Writer Producer Fund, is dedicated to supporting behind the scenes creatives.
Songwriters, producers and music creators that have had at least three commercially exploited works can now apply to receive grants of up to £10k.
Under the previous guise, the fund has supported talent that has worked with the likes of Nicki Minaj, Paramore, Stormzy and Kylie.
One such supported production team being The Fanatix, who have since gone on to secure a publishing deal with Universal and record deal with Sony.
The Fanatix production team said: 'The fund came at a pivotal time for us, we were gaining momentum and knew access to funds would leverage even more opportunities and lay the foundation for upcoming project releases. We used the fund to allow ourselves more time to create, pay studio fees, marketing and equipment which helped us to continue winning key cuts, secure high profile sessions and develop projects for releases e.g Stylo G x Nicki Minaj x Vybz Kartel, David Guetta, Idris Elba, Giggs, Popcaan, Kranium, Yxng Bane, Fredo, Not3s, NSG, B Young, plus many more.'
Joe Frankland, chief executive, PRS Foundation, said: ‘The success of The Writer Producer Fund has shown the creative and career impact of significant support for those working behind the scenes. This new and improved Hitmaker fund will build upon this foundation and connect more music creators to fast-track long-term careers. I’m looking forward to seeing who applies and how the support will impact their career.
He continued: 'The activity and support from the fund coupled with hard work, and a strong team helped us set up a great foundation to springboard from. We are also fortunate that the combined activity and efforts also resulted in deal offers for publishing and records which we signed recently.’
The new Hitmaker fund will have a streamlined application process and will build a community of behind the scenes music creators through events and a unique online network.
Applications can be made through the PRS Foundation website. Applicants will need to submit at least five of their works as examples.
The first deadline for applications will be on 6 January 2020.