Adjusting technical assistance to fulfill the challenge
As COVID-19 moves from a health crisis to a financial crisis, we are trying to expect how small companies worldwide will weather this storm and where we require to focus our efforts.
LCGC works with micro, little and medium-sized enterprises (MSMEs), primarily in the establishing world. The common small business we deal with uses in between 10 and 20 people, is close to or is currently export-ready, and wishes to grow internationally. These MSMEs represent 60% -70% of jobs in establishing countries and around half of financial activity ¹. Additionally, they tend to use young people and ladies.
It is still prematurely to approximate how deeply the pandemic will impact our core constituency. Small companies are currently or will quickly face a liquidity crisis, which could eliminate whole sectors of the economy. In the next couple of months, they will face a variety of obstacles that will depend, to a big degree, on how policymakers respond to the crisis today.
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