SME stands for “Small to Medium-sized Enterprise”. Within the geography where we work it is generally defined as a business with 15 to 250 employees and an annual turnover of up to $1 million USD or more.
- SMEs are crucial to the development of strong local economies
- SMEs are recognized as the principal means of job creation and the driving force for a thriving, formal economy
- The SME sector is largely non-existent in poorer countries, in areas where capital is difficult to access, and environments where corruption is rampant
- The SME sector is often ignored because it is difficult and carries high risk
- SME development requires selective investment in well planned, properly capitalised and skilfully managed businesses
- SMEs make an indispensable contribution to building a healthy national infrastructure, generating tax revenues, and encouraging political and social stability