The full form of SME is Small and Medium Enterprises. SMEs are also regarded as Small and Medium-sized Enterprises (SMBs). The SMEs have a limited number of workers and the investments in assets such as the cost of plant and equipment fall below a certain amount. SMEs play an extremely crucial part in the development and growth of the industrial economy of the country. It also serves to motivate citizens in many sectors of the economy to boost competitiveness and innovation.