Small businesses 'offer way out of EU's economic malaise'

News Article - 26 June 2008
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Growth of smaller firms could "help bring the European Union (EU) out of its economic malaise", according to small business leaders.

The Federation of Small Businesses (FSB) has stated that "positive action" is needed from Brussels to ensure that small and medium-sized enterprises (SMEs) have the best possible opportunities for growth.

Commenting on the new European Commission Small Business Act, Tina Sommer, FSB EU and international affairs chairman, stated: "Small businesses will make a vital contribution to bringing Europe out of its economic gloom, but the EU must release them from their administrative shackles and allow them to fulfill their potential."

According to Ms Sommers, the act will provide SMEs with better conditions for growth and she called on EU governments to build on the legislation to provide better support for small businesses.

Under the terms of the Small Business Act, member states will be required to improve financing for small firms, reduce the burden of red tape and provide more information on single market opportunities.

There are around 23 million SMEs in Europe employing over 100 million people and the EU Commission has stated that it is committed to improving opportunities for their growth and advancement.

Small firms can improve opportunities for growth by using accounting software to manage their finances.

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