Three impactful ways your SME could benefit from EU supports
The EU provides various supports for SMEs of all sizes and sectors. Whether you are an SME looking to learn, grow, scale up, research, or innovate, there is an EU support to suit your business.
Introduction
Small and medium-sized enterprises (SMEs) are at the forefront of innovation and economic growth in today’s rapidly evolving business environment. These businesses employ nearly two-thirds of the European Union (EU) workforce, while generating more than half of the region's economic value.
In Ireland, SMEs employ over one million people, contributing significantly to the nation’s economy. However, navigating the challenges of scaling operations, adopting sustainable practices, and staying competitive in global markets can be daunting.
The EU recognises these hurdles and provides a wealth of resources and supports designed to help SMEs succeed.
This blog outlines three impactful ways in which your SME could benefit from these EU supports and also introduces SEAI's comprehensive guide, "Navigating EU Funding Opportunities for SMEs". The guide provides key information and relevant resources for SMEs to access EU supports.
What supports can SMEs get from the EU?
From grants supporting green initiatives, to collaborative networks that foster innovation, the EU offers an array of supports, resources and networks designed to address diverse business needs and ensure resilience in a competitive global market.
The EU’s tailored supports are powered by targeted strategies designed to empower SMEs. Key supports include:
- Access to finance and market expansion opportunities.
- Financial assistance through flagship programmes.
- Dedicated grants to drive research and innovation.
- Programmes promoting effective internal market.
- Funding programmes supporting environmental and climate-related initiatives.
Other supports such as the SME Relief Package, reduce administrative burdens, and facilitate cross-border collaboration to foster a more supportive business environment.
How can your SME benefit from the various EU supports?
Navigating the world of EU supports can be challenging. Here are three impactful ways in which your SME could tap into these valuable resources.
- Access diverse funding programmes
The EU offers a range of funding programs specifically designed for SMEs, ensuring that your business can find support that matches your unique needs. A few examples are listed below:
- Single Market Programme aims to promote effective internal market and SME’s competitiveness. It has a dedicated SME pillar which provides a gamut of supports. This includes grants, loan guarantees, access to markets, debt and equity financing, networking, advanced tools, and capacity building, among others.
So far, 850,000 SMEs from 35 countries have been supported through the SME pillar. Get started by exploring the initiatives and supports offered by the Single Market Programme. - Horizon Europe focuses on research and innovation, with dedicated streams of funding for energy-related projects aimed at promoting sustainability and efficiency. €188.6 million will be available for energy in early 2025.
If your SME is developing solutions to enhance energy resilience, or foster innovation across the energy sector, this is the programme for you. - Through a funding instrument like LIFE, the EU finances projects that are dedicated to environmental and climate action and aim to promote the clean energy transition. It also supports close-to-market projects which launch innovative, demonstrative solutions that offer clear environmental and/or climate benefits.
If your SME is looking to bring green products, technologies, services, and processes to the market, the LIFE Programme could be the one for your business. - Programmes like the European Innovation Council (EIC) and European Innovation Ecosystems (EIE) empower SMEs to pioneer breakthrough ideas, creating new markets or transforming existing ones.
If your SME is looking to develop an emerging technology or bring novel ideas from lab to business, watch out for the EIC work programme.
The SEAI guide will help you learn more about other relevant funding programmes, including, Connecting Europe Facility, Innovation Fund, and Interregional Innovation Investments (I3) instrument.
- Leverage tailored support from networks
The EU actively fosters networks like the Enterprise Europe Network (EEN), which provides tailored guidance to SMEs. These networks connect businesses with industry experts and partners across Europe, streamlining access to funding and facilitating collaboration.
By leveraging these networks, your SME could share knowledge, collaborate on groundbreaking projects, and secure partnerships that drive long-term success. EEN’s local branches in Ireland can further assist in navigating funding landscapes and protecting intellectual property.
- Explore opportunities to build capacity, share knowledge and collaborate
Collaboration is at the heart of EU funding programmes. Through partnerships with research institutions, your SME could access cutting-edge technology, develop innovative products, and upscale operations.
SEAI’s guide points to useful links and resources for partner search and application guidance. The guide also highlights Irish success stories of SMEs that have leveraged EU funding for energy innovation. These examples demonstrate the tangible benefits of collaboration and EU support, from financial growth to market expansion.
Navigating EU Funding Opportunities for SMEs
To effectively navigate the landscape of EU supports for SMEs, it’s essential to have a clear understanding of where to find information and how to access support. The SEAI guide on "Navigating EU Funding Opportunities for SMEs" compiles relevant information about the key supports available for SMEs.
Here is how SEAI’s guide could help your SME:
- It consolidates information around EU supports dedicated to SMEs: Highlighting key funding programmes, tools, resources, and networking opportunities.
- Breaks Down Complex Processes: Detailing explanations of eligibility criteria, application steps, and timelines.
- Provides Comprehensive Resources: Giving insights into the application process, success stories, resources and materials to support your application to EU funding programmes.
Why Now Is the Right Time: With the EU doubling its focus on sustainability and innovation, the timing has never been better for Irish SMEs to tap into funding opportunities. The EU’s focus on renewable energy and sustainable practices aligns perfectly with Ireland’s climate action goals, creating a favourable environment for SMEs to thrive.
