Adjusting technical assistance to meet the challenge
As COVID-19 moves from a health crisis to a financial crisis, we are trying to anticipate how small businesses around the globe will weather this storm and where we need to focus our efforts.
LCGC works with micro, little and medium-sized enterprises (MSMEs), primarily in the establishing world. The common small company we deal with employs between 10 and 20 people, is close to or is already export-ready, and wants to grow internationally. These MSMEs represent 60% -70% of tasks in developing countries and around half of economic activity ¹. Moreover, they tend to employ young people and ladies.
It is still too early to estimate how deeply the pandemic will affect our core constituency. Small companies are currently or will soon face a liquidity crisis, which might wipe out whole segments of the economy. In the next few months, they will deal with a variety of challenges that will depend, to a big degree, on how policymakers respond to the crisis today.
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