Most jobs in the EU are provided for by Small and Medium Sized Enterprises (SMEs), companies of 250 employees or less. Despite having a crucial importance for future development, they very often face enormous bureaucratic hurdles and obstacles. To help European SMEs fully unlock their potential of long term sustainable growth and of more job creation, the European Commission unveiled on 25 June 2008 the Small Business Act for Europe (SBA), based on ten guiding principles and proposes policy actions to be undertaken by both the Commission and EU Member States.