Micro-, Small and Medium-sized Enterprises Day

Those enterprises, which generally employ fewer than 250 persons, are the backbone of most economies worldwide and play a key role in developing countries.

In the United States, the Small Business Administration sets small business criteria based on industry, ownership structure, revenue and number of employees (which in some circumstances may be as high as 1500, although the cap is typically 500). Both the US and the EU generally use the same threshold of fewer than 10 employees for small offices (SOHO).

Also in the United States small and medium-sized manufacturers are referred to as SMM’s which the U.S. Department of Energy classifies as having gross annual sales below $100 million, Fewer than 500 employees at the plant site, and annual energy bills more than $100,000 but less than $2.5 million.

According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account on average for 60-70% of total employment and 50% of GDP.

These types of enterprises are responsible for significant employment and income generation opportunities across the world and have been identified as a major driver of poverty alleviation and development.

The General Assembly, recognizing the need to improve small business access to microfinance and credit, decided to designate 27 June as Micro-, Small and Medium-sized Enterprises Day through its resolution A/RES/71/279. The goal is to encourage member states to facilitate observance of the day by increasing awareness and actions to support small business.

The General Assembly invites all Member States, organizations of the United Nations system and other international and regional organizations, as well as civil society, including non-governmental organizations, academia, individuals and other relevant stakeholders, to observe the Day in an appropriate manner and in accordance with national priorities, in order to raise public awareness of their contribution to sustainable development. It also invites Member States to facilitate the observance of the Day by fostering research presentations, policy discussions, practitioner workshops and business owner testimonials from around the world.

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States - Ronald Reagan.

Source: un.org | wikipedia.org