Egypt faces high fluctuations in its external environment, which has triggered the SMEs to face challenging factors. In this regard, this research investigates the firm-specific and macroeconomic factors that may affect SMEs' survival and growth by applying multiple linear regression using a sample size of 23 listed SMEs at the Nile Stock Exchange of Egypt from 2017–2021. The results of the multiple linear regression analysis of the model of SMEs' survival show that the model is statistically significant. Moreover, the findings of the SMEs' growth model are statistically significant, but the model is weak and cannot strongly predict future movements of SMEs' growth. According to the authors' knowledge, few studies investigate the factors that influence SME growth and survival in Egypt, it is thus recommended to apply more research in this field to the Egyptian market and to test the influence of more variables and tools on organizations.