A support organisation for UK SMEs seeking to access funding from the European Union has revealed that €3 billion will be made available from 1st January for SME new product development.
Following a series of briefing meetings, Pera Technology can reveal more details on the multi-billion-euro fund, which is set to take the record for the largest amount of money ever made available for SME new product development.
The Dedicated SME Instrument, part of the €82 billion research and innovation programme Horizon 2020, will allow individual British businesses to claim up to €3 million to spend on new product development.
In order to be applicable for the larger research and development fund businesses must demonstrate market demand and there is a further €50,000 lump sum available to business for this purpose. SMEs can also claim for up to 15 days free of charge coaching to help drive their product to market.
Paul Tranter, chief executive of Pera Technology, which has secured in excess of €87 million for SME businesses as part of the previous research and innovation programme funds from the European Union, said: “Never before has this level of funding been made available to small and medium sized business for new product development purposes.
“The European Commission has rightly identified small and medium sized business as the key engine for economic growth and rightly so. There are 20 million SME businesses in the EU and 4.8 million in the UK alone; growing each of these businesses by even just one or two employees will have a significant impact on the economy.
“In order for businesses to benefit they need to prepare now. Pera Technology can work with SMEs whether they are ready to apply for full research, development and funding in January or looking to develop ideas and apply for funding up to 2020.”
Horizon 2020 became live on January 2014 and will run for the next seven years.
