Reimagining support for small businesses

Small businesses are the lifeblood of economic vitality — they must be at the center of strategies to jump-start national economies in the emerging post-COVID-19 economy. But the spectrum of challenges that small businesses face is vast.

As we look to rebuild stronger together beyond the pandemic, creating an enabling environment for small and medium-sized businesses (SMEs) requires close and effective collaboration between government and the private sector.

A new policy paper from the Mastercard Policy Center for the Digital Economy and the global consulting firm Kearney, “Reimagining support for small businesses: The path to creating stronger and more resilient small businesses through and beyond COVID-19,” explores the needs and challenges of small businesses with a focus on the business-to-business (B2B) segment.

Four overarching government roles need to emerge in order to help small businesses not only to rebuild, but to thrive: as a conduit for and enabler of working capital and funding; as a protector; as an educator; and as a convenor and connector. In the paper, these roles are built out with eight broad policy objectives supported by tangible calls to action and local market examples of best practices.

In June 2021, the Mastercard Policy Center for the Digital Economy, Kearney and the International Chamber of Commerce hosted a webinar discussing a new policy paper focused on the challenges facing SMEs, especially B2B enterprises, throughout the world. The event explored how policy makers and the private sector can collaborate to pursue new opportunities to achieve small business resiliency and growth through COVID-19 and beyond. 

Watch the video below.