SMEs are small to mid-sized businesses that employ a large number of people. These businesses are often entrepreneurial and often operate more flexibly. They are also more likely to stay in the community and support local businesses and tax dollars.
In the United States, SMEs have a higher contribution to GDP than large firms. Small businesses are also often the driving force behind job creation. They employ over half of the workforce.
SMEs may be based in any industry. They are most likely to be family-run. They are also more likely to stay in an area where they have a history.
The Small Business Administration offers many educational resources, including live webinars, documents, and videos. These insights are intended to help business owners and owners-to-be grow. They can also help small businesses find government contracts and loans.
A small business may also qualify for government grants. These can be industry-specific, or some grants may be reserved for certain groups. Some of these grants may also offer tax incentives. In some cases, these grants will require third-party certification.
The Small Business Administration offers a number of tools to help small businesses succeed. These include a one-stop-shop for small business assistance, educational resources, and coaching. The Small Business Administration also operates local offices throughout the country. They also offer a free “Measure My Business” tool that allows you to enter your enterprise information to see how it matches up to the Small Business Size Standard.
