This study deals with the investigation of future training needs of Greek small businesses and the effects of actions of lifelong learning in the personal, social and professional progress of trainees. Towards this direction we conducted an overview of Greek and European SMEs, the role of human capital and lifelong learning in SMEs and the literature investigating the training needs and effects of lifelong education in participants' lives. Additional fieldwork was conducted to determine the training needs and related effects. The methodological approach that we adopted includes a quantitative field survey based on questionnaire for the investigation of the needs and effects of lifelong learning programs as well as qualitative field survey based on focus groups and personal interviews. Both surveys took place in six major cities following specific instructions and after training of the staff implementing them. For the analysis we used special software processing and the approach of structural equations (Structural Equation Modelling - SEM). The strategy of triangulation which was used to further support the findings of the survey revealed a strong convergence of the results of quantitative - qualitative surveys. The results highlighted the importance and the preference for specifications regarding space, time, methods, training subjects, and the effects at various levels, their relationship with incentives for participation and the role of skills development in understanding the effects. Finally we made recommendations that address the whole range of lifelong education programs as well as policy guides for the next programming period of IME GSEVEE.