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.