The Impact of Small Business Act Since Enactment

The European Union (EU) enacted the Small Business Act (SBA) in 2008 with the intention of bolstering small and business-sized businesses, stimulating the economy and broadening the market. Small and medium-sized businesses are the heart of the EU economy. Those 20.8 million such businesses provide nearly three-quarters of EU private sector jobs, according to Euractiv. Helping these businesses succeed only makes sense for the overall EU economy. What the Small Business Act Entails The SBA outlined 92 recommendations in 10 principal areas, all designed to help small and medium-sized businesses grow to their full potential. These recommendations included reducing the regulatory burden for small businesses, making small business funding easier to obtain, simplifying VAT (value-added tax) invoicing, helping to improve small business access to new markets and helping small businesses compete in emerging markets, according to an EU press release. The recommendations of the SBA also sought to cut the red tape associated with meeting and reporting on environmental regulations and to promote business among companies in member nations. One example of how this principle of cooperation is working is the new offering of Blackberry curve phones on T-mobile plans, which include an unlimited European plan that breaks down the barriers [...]