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.
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Impact of the Crisis on Local Businesses: SME Finance and Responses
Jan 24, 2013