Leicestershire-based Pera Technology are urging SMEs to get their proposals in, for access to €1.2bn available under the EU’s Seventh Framework Programme (FP7) initiative.

The specialists in development of science businesses, say SMEs can now put forward proposals to access €970 under the EU’s ‘Cooperation’ theme, working alongside universities, research centres and public authorities.

A €250m fund is also available to support development of new products for SMEs who may be unable to undertake R&D for themselves, but are keen to develop new products.

Commercial director at Pera Technology, Mark Wareing, said: “If you are an SME trying to create fresh products or processes that could create a step change in your fortunes then there is no time to waste as the EU has now made funds available that you could use. There is €1.2 billion there for the taking, if you have a good idea!

“Companies that don’t apply for this latter funding may have to wait until 2015 for any projects funded by the next programme, Horizon 2020 to commence. So it is essential that all efforts are made to get proposals in before the November deadline.”

The EU’s Seventh Framework programme is worth a total of €53bn. and this last opportunity for SMEs to benefit from such grants will close on November 15.