Financial Literacy for Promoting the Sustainability of SMEs

The project's primary goal was to create intellectual materials to improve the financial literacy of SME finance staff and executives to boost the survival rates and sustainability of their enterp...

The project's primary goal was to create intellectual materials to improve the financial literacy of SME finance staff and executives to boost the survival rates and sustainability of their enterprises, particularly during economic crises. We aimed to equip them with the skills to analyze global, national, and sectoral economic trends and align their companies' financial strategies accordingly. Specific objectives included enabling personnel to access and interpret macroeconomic data, anticipate financial bottlenecks, recommend appropriate financial instruments, and leverage external financial resources. Furthermore, we sought to create and deliver free, tailored training materials supported by e-learning platform content. This was intended to provide flexible, accessible, and learner-oriented vocational education, addressing identified gaps in the labor market's needs and enhancing the professional development of the target group.

This project was initiated to address the high failure rate of Small and Medium-sized Enterprises (SMEs), which are crucial to Europe's economy, employing around 100 million people and accounting for over half of the GDP. Statistics showed that just under half of new businesses closed within three years, with survival rates dropping further after five years, particularly in the partner countries of Bulgaria, Romania, and Türkiye. Financial instability, especially during economic crises, was identified as a primary reason for these closures. The project recognized a critical gap in the financial competencies of SME finance personnel and executives, who often lack the skills to analyze economic trends and make strategic financial decisions beyond routine tasks. We applied for this project to enhance the financial literacy of these key personnel, thereby improving the sustainability and survival rates of SMEs.

O4 - Trainer's Training - Turkish; O2 - Financial Literacy for SMEs - Romanian; O1 - Research Survey - Turkish; O2 - Financial Literacy for SMEs - English; O4 - Trainer's Training - English; O1 - Research Survey - Bulgarian; O2 - Financial Literacy for SMEs - Bulgarian; Good Practices Report; O4 - Trainer's Training - Romanian; O1 - Research Survey - English; O1 - Research Survey - Romanian; O4 - Trainer's Training - Bulgarian; Newsletters; O2 - Financial Literacy for SMEs - Turkish; O3 - e-Learning Platform