The aim of the study is to analyze current situation and challenges of use of Information Communication Technology (ICT) solutions in Small business (SB) in general and particularly in Latvia and propose recommendation for better use of ICT tools and solutions to enable faster growth of companies operating in SB segment. The scope is limited to ICT solutions, tools and supporting infrastructure. Extensive literature review and statistical data analyses are conducted. Main sources are World Economic Forum materials, surveys on global ICT development by various international organizations, Latvian ICT tools` / solutions` penetration survey, Central Statistical Bureau and materials prepared by Latvian Investment and Development Agency. Most widely used is information gathered from focus groups interviews and data analyses. The main conclusions are that still many companies operating in SB sector in Latvia currently underestimate benefits of implementation of ICT tools and solutions. Latvia`s ICT infrastructure is well developed and serves as a solid base for more efficient use of ICT solutions and tools as well in SB to facilitate faster growth and competitiveness. ICT as a driver of economic growth is evident form variety of data, surveys and case studies covered further in the paper.