4 Oct 2011 - EPTDA reviews Small Business Act & Late Payment Directive
SMEs, defined as companies with no more than 250 employees and a maximum turnover of €50 million, are generally seen as the backbone of the European economy, accounting for 99% of EU businesses and providing around 3/4 of all private sector jobs. To recognize the central role of these SMEs in the EU’s economy, the European Commission adopted in December 2008 the “Small Business Act”: a legal framework for a number of pro-small business initiatives.
In February 2010, a review of this Small Business Act took place providing an overview of the progress achieved in implementing the Small Business Act in the first two years, and setting out new actions to respond to challenges resulting from the economic crisis, such as funding programmes, lighter administrative procedures, access to developing markets, tools for encouraging cross-border activity in the internal market, eco-innovation and entrepreneurship incentives.
This EU Monitoring report also introduces the new European directive on combating late payments improving the mechanisms of debt recovery.
The full report is available for download in the password protected EPTDA Members Area: click here