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Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO).
By comparison, a medium-sized business has fewer than 250 employees and either turnover less than €50 m. or balance sheet less than €43 m. [7] In Australia, a small business is defined by the Fair Work Act 2009 as one with fewer than 15 employees, although the Australian Bureau of Statistics uses less
The economic and banking importance of the small and medium enterprise (SME) sector is well recognized in academic and policy literature. [2] [3] It is also acknowledged that these actors in the economy may be under-served, especially in terms of finance. [4] This has led to significant debate on the best methods to serve this sector.
According to the Small Business Administration, a microenterprise or microbusiness is defined as a business with 1-9 employees. They are the most common type of business. As a subcategory of small businesses, with sales and assets valued at less than $250,000 per year, they generally have less than five employees, including the owner.
Economics. Small and medium-sized enterprises; ... Sun Microelectronics, a business unit of Sun Microsystems; Shawnee Mission East, ...
The importance of small and medium-sized enterprises is also evident from the fact that more than 160,000 small and medium-sized enterprises with about 4.3 million employees have organized themselves in the Federal Association of SMEs (BVMW). The focus of the association's work is creating network, organizing events and political advocacy. [15]
The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...
Small and medium-sized enterprises (SMEs) form the backbone of South Korea’s economy, accounting for 99.9% of all businesses in the country and employing over 80% of the workforce. [1] [2] As of recent estimates, there are more than 7.7 million SMEs in South Korea, employing approximately 18.49 million people, or 81% of the total workforce.