Multi-billion pound SME fund to be launched

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 product development programmes. Around 4.8 million UK businesses will be eligible for the fund. However, more than a million SME manufacturers are likely to be the most successful at securing funding, according to new product development contractor Pera Technology. Pera Technology chief executive Paul Tranter said: "[The Horizon 2020] fund presents an enormous opportunity for SME manufacturers across the UK. 1,659 UK business and counting have successfully applied for the £1.2 billion 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. " Tranter added: "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 per cent funding for research and development cannot be missed." Final details of Horizon 2020 are expected to be announced in early December with the fund going live in January 2014. See Horizon Fund