Medium-sized enterprises (SMEs) are a very heterogeneous group of businesses usually operating in the service, trade, agri-business, and manufacturing sectors. They include a wide variety of firms, which possess a wide range of sophistication and skills. Some are dynamic, innovative, and growth-oriented while others are satisfied to remain small and perhaps family owned. SMEs usually operate in the formal sector of the economy and employ mainly wage-earning workers. SMEs are often classified by the number of employees and/or by the value of their assets. The size classification varies within regions and across countries relative to the size of the economy and its endowments. Small and Medium-Sized Enterprises (SMEs) play a significant role in Turkish economy because they are major sources of employment, production and tax incomes. According to Turkish Statistical Institute data for 2011, including services, there are nearly 3, 5 million SMEs, and 3,000 large-scale enterprises in Turkey. Therefore, 99.9% of all businesses are SMEs. They make up 77.8 % of all employment, 55.5% of value added, 64.8% of total production value and 51.5% of wages. SMEs in Turkey have different types of financial problems to deal with. Common financial problems can be listed as follows;

  1. Difficult access to bank credit
  2. Higher interest rate with short term maturity
  3. Insufficient access to capital market instruments
  4. Insufficient equity capital
  5. Lack of financial management


The specific objectives of the project are:

  • On-the-job-training for new entrepreneurs in SMEs elsewhere in Turkey, Finland, Spain in order to facilitate a successful start and development of their business ideas.
  • Exchanges of experience and information between entrepreneurs on obstacles and challenges to starting up and developing their businesses.
  • To enhance market access and identification of potential partners for new and established businesses in other EU countries.
  • To prepare Module for Financial Management
  • Blended and On-line Financial Management Training for SMEs
  • Networking by building on knowledge and experience from Turkey, Finland & Spain.

Project will serve also following expected results by Finance Management Training for SMEs:

  • By promoting the role and value of SMEs in the EU economy. Since Financial successfully managed   micro and SMEs will be key actors in this initiative, transferring their knowledge and experience to other entrepreneurs between countries
  • By raising competitiveness of European micro/SMEs, fostering the potential of newly established start-ups with the support of experienced entrepreneurs.
  • By building  a  new  collaborative  space  targeted  to  boost  trans-sectorial  and  cross-cutting collaborations at international level, including commercial, technological and/or other co-operation
  • By facilitating the internationalization of the SMEs by fostering a network formed by entrepreneurs at European level, including all eligible countries in the programme