ICC calls for tailored financial support to Save Our SMEs
ICC – the institutional representative of over 45 million businesses – has called for action to tailor financial support measures to the needs of micro-, small- and medium-sized enterprises (MSMEs) in the context of the COVID-19 pandemic.
In an open letter to finance ministers published today, ICC Secretary General John W.H. Denton AO said that without adequate and immediate fiscal interventions a significant proportion of MSMEs may be unable to weather the COVID-19 crisis – with potential systemic implications for employment and the functioning of global supply chains.
Highlighting the crucial role that MSMEs play in the functioning of the global economy, the ICC call to action sets out six best practice principles to safeguard the viability of MSMEs based on consultation with ICC’s global network in over 100 countries. The principles aim to ensure enhanced support for MSMEs by increasing the reach and speed of deployment of emergency public funding, based on best practices adopted in recent months by a number governments and international institutions.
“By tailoring the provision of financial support through the channels most used by MSMEs, governments can help to preserve the operations of these businesses and avert a worsening situation of bankruptcies and layoffs,” Mr Denton writes.
The open-letter forms part of ICC’s ongoing “Save our SMEs” campaign and builds on a recent call to action for governments to tailor COVID-19 related support to the needs of MSMEs during the ongoing economic crisis.
Visit the Save Our SMEs website to learn more.