Adapting technical support to meet the challenge
As COVID-19 moves from a health crisis to an economic crisis, we are attempting to prepare for how small companies around the globe will weather this storm and where we need to focus our efforts.
LCGC works with micro, small and medium-sized enterprises (MSMEs), mainly in the developing world. The typical small company we work with utilizes in between 10 and 20 individuals, is close to or is currently export-ready, and desires 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 young individuals and women.
It is still prematurely to approximate how deeply the pandemic will affect our core constituency. Little companies are currently or will soon deal with a liquidity crisis, which might erase entire sectors of the economy. In the next few months, they will deal with a series of difficulties that will depend, to a large degree, on how policymakers react to the crisis today.
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