Micro, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises (MSMEs) Day aims at recognizing the significant contributions of these businesses to the global economy. MSMEs are integral to job creation, innovation, and promoting both social cohesion and economic development. This day pays tribute to the resilience of these enterprises and raises awareness for the need to continue supporting them, especially in light of the challenges they face, such as access to funding, changing market conditions, and regulatory requirements.

This international event was first established by the United Nations General Assembly in 2017, in acknowledgment of the crucial role MSMEs play in the global economy. For Americans, the day signifies the importance of supporting local businesses, as they contribute considerably to the U.S. economy, creating nearly two-thirds of net new private sector jobs and driving innovation and competitiveness. According to the U.S. Small Business Administration, there are 31.7 million small businesses in the country, making up 99.9% of all U.S. businesses.

In America, Micro, Small and Medium-sized Enterprises Day is observed with various events, seminars, and workshops geared towards supporting the growth and development of these businesses. Organizations, such as local chambers of commerce and economic development agencies, play an integral role in promoting and organizing events that focus on MSMEs. The observance takes place on June 27 each year, shedding light on the importance of these enterprises and encouraging communities to support them, thus securing their role in promoting a sustainable and inclusive economy.

Facts about Micro, Small and Medium-sized Enterprises Day

• According to the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises make up more than 90% of all firms in the world. They also account for 70% of the total employment and 50% of the global gross domestic product (GDP).
• According to the UN, more than 600 million jobs will be needed by 2030 in order to handle the growing global workforce.
• MSMEs are proving to be more resilient and adaptable to economic shifts and market disruptions, being key drivers in ensuring an economy's sustainability. They have shown their mettle during the economic downturns and the ongoing COVID-19 pandemic.
• Micro-, small and medium-sized enterprises are responsible for generating most formal jobs. According to the UN, they create 7 out of 10 jobs globally.

In the News and Trending in the US for Micro, Small and Medium-sized Enterprises Day

Top things to do in the US for this observance

• Learn more about the power of micro-, small and medium-sized enterprises .
• Discover 5 things SMEs need to survive.
• Watch the UN's 2020 Micro-, Small and Medium-sized Enterprises Day video if you missed it. The UN discusses the impact and disruption caused by the Covid-19 pandemic on MSMEs.