SMEs to benefit from H2020 funds

A multi-billion Euro fund for SMEs is expected to be announced later this year as a part of the European Commission’s Horizon 2020 framework programme.

Approximately 4.8 million businesses across the UK will be applicable for the fund. However, according to Pera Technology, there are over 1 million SME manufacturers who are likely to be the most successful at securing funding.

The fund, which is part of the European Union’s Horizon 2020 package of support services for research and innovation, has been set aside for SMEs looking to undertake new product development programmes.

Speaking about the significance of Horizon 2020 Paul Tranter, chief executive at Pera Technology, said: “This fund presents an enormous opportunity for SME manufacturers across the UK. 1,659 UK business and counting have successfully applied for the £1.2bn (€1.42bn) that was previously available under Framework Programme 7, which runs until the end of this year and our intelligence suggests that the funding pot will be even bigger this time.

“For SME manufacturers the time to act is now. Whether they have ideas sitting on the shelf gathering dust, or they are already undergoing feasibility testing – with new product development programmes lasting anywhere from two years up to 15 years in sectors such as aerospace and medical – the chance to secure up to 100% funding for research and development cannot be missed.”