The
What are MSMEs?
In
- micro-enterprise: employs fewer than 10 employees and has an annual turnover or balance sheet below €2 million.
- small enterprise: employs fewer than 50 employees and has an annual turnover or balance sheet below €10 million.
- medium-sized enterprise: employs fewer than 250 employees and has an annual turnover below €50 million or balance sheet below €43 million.
Fun facts
MSMEs make up over 99% of all firms in
MSMEs tend to employ a larger share of the vulnerable sectors of the workforce, such as women, youth, and people from poorer households.
Particularities
Smaller businesses can be agile in response to a changing world but their size also makes them vulnerable. Access to finance is a primary obstacle. With the goal of overcoming these challenges, the
Help
In the EU there are 2 broad types of potential benefit for an enterprise if it meets the criteria of an MSME namely:
- eligibility for support under many EU business-support programmes targeted specifically at SMEs. This includes research funding, competitiveness and innovation funding and similar national support programmes that could otherwise be banned as unfair government support.
- fewer requirements or reduced fees for EU administrative compliance.
In
- START-UP INVESTMENT: This grant is intended to help businesses implement their ideas and fund the initial investment costs in both tangible and intangible assets required to grow the business.
SME GROWTH : This grant also funds investments in tangible and intangible assets which an enterprise needs to extend their current establishment or set up a new establishment.- SME DIVERSIFICATION: This grant funds investments to help enterprises diversify. This grant is aimed at investments incurred by enterprises which make a fundamental change, or innovate by bringing improved and advanced products or services to those already offered by the undertaking.
- SME INTERNATIONALISATION: This grant funds costs incurred by enterprises which intend to offer their products/services to new markets or which need to strengthen their international presence for example stands at fairs.
- E-COMMERCE GRANT: This grant funds the development of an e-commerce website and/or mobile application or upgrade to an existing website and/or mobile app to enable online payments or booking systems through integration of payment gateway.
- SME CONSULTANCY GRANTS: This grant funds the costs of external consultants to assess and evaluate the operations, processes and systems of your business aimed at rendering it more efficient; and the potential of the enterprise to undertake proposed investments aimed at the potential future business growth and at rendering it more competitive such as drafting of business plans; feasibility studies etc. These are required in order to apply for the above grants (1) - (5).
Originally published by GVZH Advocates, on
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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