Adjusting technical assistance to meet the challenge
As COVID-19 relocations from a health crisis to a recession, we are trying to prepare for how small companies around the globe will weather this storm and where we require to focus our efforts.
LCGC works with micro, little and medium-sized business (MSMEs), mostly in the developing world. The normal small service we deal with utilizes in between 10 and 20 people, is close to or is already export-ready, and wishes to grow globally. These MSMEs represent 60% -70% of jobs in developing nations and around half of economic activity ¹. Additionally, they tend to employ youths and ladies.
It is still prematurely to approximate how deeply the pandemic will affect our core constituency. Small companies are already or will soon deal with a liquidity crisis, which could wipe out entire segments of the economy. In the next couple of months, they will deal with a series of challenges that will depend, to a big degree, on how policymakers react to the crisis today.
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