As micro, small and medium-sized enterprises slowly start to emerge stronger from the aftermath of COVID-19, the world celebrates their day on June 27th recognising the pivotal role that these resilient entrepreneurs play in supporting the global economy.
The economic recession originating from the Covid-19 pandemic has taken a heavy toll on SMEs, but it also provided an unprecedented opportunity to come up with a better set of policies and measures for SME promotion than ever before.
National governments have put in place stimulus policies and programmes supporting SME resilience to the COVID-19 pandemic. These include, among others, concessional loans, debt moratorium programmes, tax breaks, payment protection programmes and rental subsidies. Skill training programmes have also been established to promote entrepreneurship potential in the sector.
It is a well-known fact that SMEs have a positive impact on their local communities and contribute to ensuring a job-rich and sustainable recovery. Through their determination and work, entrepreneurs all over the world tackle unemployment, combat poverty and inequality, and support future economic development.
More and more are doing so with an eye to Sustainability and the environment. SMEs are crucial forces not only for creating jobs, but also for stimulating entrepreneurship and innovation to achieve the Sustainable Development Goals (SDGs).
When all is said and done, there’s nothing “small” about them: they are the spine and fabric of our communities and economies. Fully leverage the SME power: this is what national governments, international organizations, and the private sector need to do to construct a sustainable and just future.
You can keep up-to-date with the UN initiatives dedicated to MSME Day by visiting the dedicated website.