- Small and medium-sized enterprises (SMEs) are enterprises whose income, assets or number of employees are below a certain threshold.
- Each country has its own definition of what constitutes a small and medium-sized enterprise.
- Each country may also set different guidelines for different industries to define what a small business is in different sectors.
- SMEs play an important role in the economy, employing a huge number of people and helping to shape innovation.
- Governments regularly offer incentives, including favorable tax treatment and better access to credit, to help keep them in business.