By Anu Kumar • September 18, 2023 • 1 minute read
Small and medium-sized enterprises (SMEs) account for 90 percent of all businesses globally, 50 percent of GDP, and more than 70 percent of the workforce, but they are most vulnerable during economic crises. They also continue to face considerable limitations due to racial and gender inequities that persist across the ecosystem. With the threat of a recession following the COVID-19 pandemic, inflation, and widespread economic instability, it is more important than ever to support SMEs and mitigate any future damage to these businesses. Governments, the private sector, philanthropies, and Community Development Financial Institutions (CDFIs) provided capital support to SMEs during the pandemic and beyond. By sharing their greatest impact, we can work together to support SMEs with the capital and critical resources needed to thrive during any future economic uncertainty.