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Impact of the Crisis on Local Businesses: SME Finance and Responses

Impact of the Crisis on Local Businesses: SME Finance and Responses

The impact of the global economic crisis has been hard with local businesses. Small and Medium Enterprises (SMEs) are key to local employment and economic activity. Indeed in EU-25 there are 23 million SMEs accounting for 66% of employment, and in some industry sectors, such as tourism, the number of enterprises can account up to 99.9% of enterprises. Despite their key role in the economy, SMEs participate up to 50% less in training programs than big firms with significant access gap for older, less educated and vulnerable workers. Supporting SMEs participation in training and skills development programs is therefore a priority for the competitiveness and innovation of the sector.

Financial Education