This work is now taking on a new look and receiving a stronger strategic underpinning.
Small business is essential to development.
It contributes substantially to two fundamentals of poverty reduction job creation and economic growth and stands as a cornerstone of civil society, often leading to greater economic inclusion by those in lower income brackets, especially women. Yet the sector also faces many difficult obstacles, with small companies often struggling to compete in difficult local business environments that favor larger firms. The World Bank Group and its partners use several different approaches to help small business reach their full potential. This work combines investment and non-investment components in ways that share a common strategic vision to strengthen the sector, yet can be tailored to the specific needs of each member country. There is no universal definition.