The goal of the research is to study the economic and financial risks impact on small and medium-sized enterprises’ development in Latvia. The authors have used the own created algorithm of identification, classification and assessment of enterprises’ risks. The authors have created classification of Latvian services sector’s economic and financial risks in the period from 2011 to 2012. The authors have assessed risks by using the special coefficient method. The authors have arranged risks by their size of possible losses for enterprises. For each type of risk has been assessed its probability of realization. The authors have carried out the questionnaire of representative small and medium-sized enterprises about the economic and financial risks impact on enterprises’ development in Latvia.