In the European Union SMEs are the backbone of the economy, employing more than 87 million
EU citizens. SMEs generate every second newly created job and produce nearly 60% of the
GDP of the European Union (EC, 2012). However, SMEs were increasingly afflicted by the
crisis. Research shows that only 50 % of businesses survive the first five years of its existence
and economic crisis definitely decreases this number. Estimated full 1,7 million jobs were lost in
2009 due to insolvency of companies, what represents an increase of 22 % compared to 2008.