The General Assembly, recognizing the need to improve small business access to microfinance and credit, decided to designate 27 June as Micro-, Small and Medium-sized Enterprises Day through its resolution A/RES/71/279. The goal is to encourage member states to facilitate observance of the day by increasing awareness and actions to support small business.
The resolution was introduced by the delegation of Argentina, co-sponsored by 54 member states and adopted without a vote by the 193-member General Assembly on 6 April 2017.
What is a micro-, small, or medium-sized enterprise?
The criteria for defining the size of a business differ from country to country. As a reference, the European Commission’s 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: fewer than 10 employees and an annual turnover (the amount of money taken in a particular period) or balance sheet (a statement of a company's assets and liabilities) below €2 million.
- small enterprise: fewer than 50 employees and an annual turnover or balance sheet below €10 million.
- medium-sized enterprise: fewer than 250 employees and annual turnover below €50 million or balance sheet below €43 million.
The choice of MSME definition could depend on many factors, such as business culture, the size of the country’s population, industry and the level of international economic integration.