Guide to the Magna Carta for Micro Small and Medium Enterprises

“a) intensifying and expanding programs for training inentrepreneurship and for skills development for labor;“b) facilitating their access to sources of funds;“c) assuring to them access to a fair share of governmentcontracts and related incentives and preferences;“d) complementing and supplementing financing programsfor MSMEs and doing away with stringent and burdensomecollateral requirements that small entrepreneursinvariablyfind extreme difficulty complying with;“e) instituting safeguards for the protection and stability ofthe credit delivery system;“f) raising government efficiency and effectiveness in providingassistance to MSMEs throughout the country, at the leastcost;“g) promoting linkages between large and small enterprises,and by encouraging the establishment of common servicefacilities;“h) making the private sector a partner in the task of buildingup MSMEs through the promotion and participation of privatevoluntary organizations, viable industry associations, andcooperatives; and“i) assuring a balanced and sustainable development throughthe establishment of a feedback and evaluation mechanismthat will monitor the economic contributions as well asbottlenecks and environmental effects of the development ofMSMEs.”SEC. 3. Section 3 of the same Act, as amended, is hereby furtheramended to read as follows:“SEC. 3. Micro, Small and Medium Enterprises (MSMEs) asBeneficiaries. — MSMEs shall be defined as any business activityor enterprise engaged in industry, agribusiness and/or services,whether single proprietorship, cooperative, partnership or corporationwhose total assets, inclusive of those arising from loans but exclusiveof the land on which the particular business entity’s office, plant andequipment are situated, must have value falling under thefollowing categories:74