SMEs are considered backbone of Latin American economic region as they represent an overwhelming majority of private enterprises in the region and account for 99% of businesses and employ 67% of employees. One of the elements in which SMEs need assistance is their involvement in the IT enabled services (ITES) both for greater efficiency and optimisation of the economic data. Cloud Computing as a modern concept has commercialised the use of ITES along with sharing of data at a wider scale. Tacit knowledge in the form of data can be easily shared at large scale with the help of cloud computing. While MNCs has started using cloud computing to benefit the organisations, SMEs are far behind in truly understanding the relevance of cloud computing in benefitting business operations. The present study aims to analyse the existing opportunities and then formulate relevant public policies for providing cloud computing services to SMEs of Latin America.