Adapting technical assistance to satisfy the difficulty
As COVID-19 moves from a health crisis to a recession, we are trying to anticipate how small companies around the world will weather this storm and where we require to focus our efforts.
LCGC works with micro, small and medium-sized business (MSMEs), primarily in the developing world. The common small service we deal with uses in between 10 and 20 individuals, is close to or is currently export-ready, and wishes to grow worldwide. These MSMEs represent 60% -70% of jobs in establishing countries and around half of economic activity ¹. Furthermore, they tend to employ youths and ladies.
It is still prematurely to estimate how deeply the pandemic will impact our core constituency. Small companies are already or will soon face a liquidity crisis, which could erase whole sectors of the economy. In the next few months, they will face a range of difficulties that will depend, to a big degree, on how policymakers react to the crisis today.
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