Indian Journal of Science and Technology

Abstract

Objective: This article analyses the factors that influence the growth of small and medium-sized enterprises in Colombia, taking as a reference the last major survey carried out on this type of enterprise in the first quarter of the current year. Methodology: A descriptive/quantitative research is proposed for the study, based on the figures provided by the National Association of Financial Institutions, which in partnership with organizations such as Bancoldex, Confederation of Chamber of Commerce, Bank of the Republic and National Guarantee Fund, interviewed 1454 micro entrepreneurs between January and March 2018. Recommendations: The information presented here allows us to project a scenario that is conducive to strengthening the business sector and suggests in particular that we continue to encourage formalization channels. Conclusion: SMEs continue to be a very significant component of the country’s economy, and initiatives to strengthen and sustainably promote them must continue to be promoted in the city.

Keywords: Small and Medium Enterprises (SMEs), Economic Development, Competitiveness, entrepreneurship