“SMEs are the economic backbone of virtually every economy in the world.”
- World bank
SMEs are the backbone of all economies, representing more than 95% of registered firms worldwide and accounting for more than 50% of all jobs. The total estimated number of SMEs worldwide is 400 million13. Globally, the SME-banking market accounts for 27% of retail banking net revenues (this number climbs to as high as 50% when banks capture the owner's household banking relationships as well)14. The importance of SMEs is even higher in low income and developing countries. The definition of SMEs is very broad, varying from micro SME`s with <10 employees and < €2M turnover, small SMV`s with <50 employees and <€ 10m turnover to medium-sized SMEs with <250 employees and < € 50 m in turnover. The number of SMEs in the EU-28 non-financial business sector is 24.4 million representing 99.8% of all companies, and 66% of all jobs. The majority, 22.8 million firms, are micro SMEs, representing 93% of companies and 29% of all jobs15.