40 - 60% of small businesses never reopen after a disaster and many more will fail within a year of reopening. We're working together to ensure that everyone has a chance to recover from the devastating effects of COVID-19.
Small businesses play a crucial role in their communities and in global supply chains, but they are also the most vulnerable to disruptions such as those caused by COVID-19. Cancellations of orders and closures of storefronts can be an insurmountable challenge for SMEs - many of which do not have enough capital on hand to operate for 30 days without revenue.
At least 1/4 of garment workers in Bangladesh have been fired over furloughed due to declines in ordering. This represents the loss of more than 1 million jobs - and signals an impending collapse of textile supply chains. We are seeing similar declines in the airline, automotive and hospitality sectors, and the ILO estimates that COVID-19 will lead to the equivalent of 200 million full-time job losses between April and July 2020.
In many countries, MSMEs represent upwards of 80% of formal employers. Our partners understand that investing in their success early and often will help to mitigate negative impacts on national and local economies – and ultimately make all businesses more resilient.
Become a partner and Save Our SMEs today.
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