Organizations have been taking advantage of e-business as an innovative opportunity to improve business results, but small companies have not been adopting this tool as quickly as large corporations. There are several studies on the adoption of e-business in developed countries, but there are fewer studies in emerging Latin American countries. Thus, the goal of this study was to describe the business model of small companies that have adopted e-business (an innovation to this segment) in an emerging Latin American country. For that, we used a quantitative approach trough a survey data. Main results: the owners/shareholders play a central role in making decisions about the adoption of e-business; the main value delivered from using the internet was improved brand and/or product awareness. The companies using e-business achieved increase in business and an expanded geographic scope of sales. The main difficulties encountered were training personnel to work on the internet and defining which web activities can lead to achieve strategic objectives.