LEADERS of small to medium sized firms (SMEs) have been told how to access up to £2 billion of funds for product development in their sector.

They gathered at the University of Bolton in a meeting organised by business growth specialist Gerron, headed by managing director Paul Norris.

Academics and SME representatives heard a presentation by Pera Technology, which specialises in helping business access chunks of the multi-billion euro fund.

Funds will be available to companies with fewer than 250 employees from January 1.

It is part of a part of the £65 million research and innovation programme, Horizon 2020.

As opposed to previous budgets, Horizon 2020 does not require SME businesses to join larger consortiums, the application process has been made simpler and the European Commission will be obliged to provide a response to funding applications within six months of submission.

In order to be applicable for the larger research and development fund, businesses must demonstrate market demand and there is a further £40,000 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.

Gerron are partners of Pera in the North West and is screening applications to the fund by the region’s businesses.

“Based on the feedback so far, we’ve already got a number of people interested,” said Mr Norris. “There were up to 50 people there, and now have appointments to see them to assist with the bidding process.”

Paul Tranter, chief executive of Pera said: “Never before has this level of funding been made available to SMEs for new product development purposes.

“One of the key differences between Horizon 2020, its predecessors and other public funding options is its commercial awareness.

“SMEs receive all of the money to spend as they see fit with a further 15 days of free coaching paid for directly by the European Commission.”

Martyn Shaw, director of the University Business School, welcomed the group of business leaders.

He said: “The university is keen to establish itself at the heart of the Bolton and North West economic family.

“Hosting this event is the next stage in the development of the new business school here.

“We are trying to create a hub which people recognise and we are delighted to host this event.”

Anyone interested in applying for funds should contact cathryn.mayer@gerron.co.uk