Abstract:

The sector of micro, small and medium-sized enterprises is the basis of all modern EU economies, as it significantly influences their growth and development. Until the 1970s, economists believed that this sector did not play a significant role in the economy, and in the following years it would significantly decrease (Kaplan, 1954). Meanwhile, according to the Organization for Economic Co-operation and Development (OECD), enterprises from the sector constitute 90% of all enterprises operating in the world and 63% of all working persons find employment in this sector (Munro, 2013). The role played by small and medium-sized enterprises, their essence and importance force the authorities to constantly develop and improve the institutional and financial infrastructure to improve the conditions of their operation. (Mikołajczyk, 2006)