SME stands for small and medium sized enterprises. These are enterprises that have less than a specific level of investment and turnover. SMEs include both manufacturing and service businesses. The government categorizes them based on a combination of annual turnover and equipment investment. Small and medium enterprises are critical to growth of the economy, providing sufficient employment and contributing substantially to the GDP.

Benefits of SME: SMEs can offer entrepreneurs the opportunity to be their own boss, create jobs, and make a positive impact on their community. SMEs also offer a path to financial independence and growth. They contribute to the economy by providing significant employment opportunities, driving innovation, and contributing to GDP growth.