This was the opinion of the president of the National Development Agency (ANDE), Carmen Sánchez, in a radio interview in which she explained that these companies employ 65 percent of the private sector workforce.

She said that MSMEs represent a ‘large business fabric’, which is generally ‘unspecialized’ and ‘poorly trained’, where two out of every three Uruguayans work.

She added that there are few possibilities for a MSME to sustain itself over time and grow in Uruguay, with an average life expectancy of three years.

The president of ANDE explained that only one company in a thousand will manage to grow into a large one. Among the obstacles they encounter, she mentioned the difficult access to financing, especially for start-up capital.

There are no banks or financial institutions that will lend to a person who wants to start a business,’ she said. jrr/abo/mem/ool