Targeting Investments on Key Growth Priorities: Enhancing the competitiveness of small and medium-sized enterprises (SMEs)
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Why should the EU invest in SMEs?
- 99% of businesses in the EU (some 20 million) are SMEs, i.e. they have fewer than 250 employees. These enterprises serve as a key driver for economic growth, innovation, employment and social integration. They are the backbone of Europe’s economy.
- Europe’s SMEs are key to its recovery, generating 2 out of every 3 private sector jobs and maintaining double the employment growth rate of larger enterprises.
- SMEs need help accessing finance and attracting skilled workers, and they are more vulnerable to economic change.
- In order to stay competitive in a global market, SMEs need to be more productive and to improve the quality and differentiation of their products, services and marketing.