Adjusting technical assistance to meet the challenge
As COVID-19 moves from a health crisis to a recession, we are attempting to anticipate how small companies worldwide will weather this storm and where we require to focus our efforts.
LCGC deals with micro, little and medium-sized enterprises (MSMEs), mainly in the establishing world. The normal small company we deal with employs 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 developing nations and around half of financial activity ¹. Moreover, they tend to employ young people and women.
It is still too early to estimate how deeply the pandemic will affect our core constituency. Small companies are currently or will soon deal with a liquidity crisis, which might eliminate entire segments of the economy. In the next few months, they will face a variety of difficulties that will depend, to a large degree, on how policymakers react to the crisis today.
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