SME Update Issue 12 20 March 2012

Maire Geoghegan-Quinn

Keeping our promise to SMEs

SME funding in the Seventh Framework Programme (FP7) has exceeded 15%, thereby achieving a key target in making research funding more innovation-oriented, writes Commissioner for Research, Innovation and Science Máire Geoghegan-Quinn.

The European Commission is keeping its promise to SMEs on research funding by exceeding the key 15% target set by the European Parliament and the European Council. SMEs will receive 15.3% (EUR 2.4 billion) of the Cooperation programme budget of around EUR 15.7 billion committed to date, and funding is expected to remain above 15% until the end of FP7. Across all programmes, more than 17 000 SMEs are expected to receive EUR 7 billion out of the overall budget of EUR 55 billion for FP7.

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