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ARTICLE · 30 JUNE 2020

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MSME Day 2020: The Day For Micro, Small And Medium Sized Enterprises

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The UN General Assembly declared the 27 June the Micro-, Small and Medium-sized Enterprises Day, recognizing the importance of these enterprises and their contribution to sustainable development.

European UnionFinance and Banking
Gayle Kimberley
Gayle Kimberley
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The UN General Assembly declared the 27 June the Micro-, Small and Medium-sized Enterprises Day, recognizing the importance of these enterprises and their contribution to sustainable development.

What are MSMEs?

In Europe the definition of micro-, small and medium-sized enterprises is established according to the number of employees and the annual turnover or balance sheet:

  • 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.

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