Lockdown and social distancing, reduced demand, disrupted supply chains and other challenges have forced many to close their business. Others are only just surviving.
With typically tight margins, small businesses are particularly vulnerable. Without support, they are likely to be wiped out. And yet, these businesses play a driving role in local economies – creating jobs and providing much-needed products and services. They are critical to the long recovery ahead.
Youth Business International is responding to the economic impact of COVID-19 by adapting and scaling our ongoing work in over 50 countries. Through our global network, we are providing targeted crisis support to young entrepreneurs so they can identify the right solutions and get back on their feet.
As part of these efforts we launched three global initiatives since 2020:
Our learning paper “Responding to the Needs of Young Entrepreneurs” shares insights and actions from seven months of COVID-19 crisis support, and our learning paper from our Rapid Response and Recovery Programme with Google.org identified offering an insight into what type of support is most effective to enable survival and growth of businesses in today’s world and identified six essential areas for future support that will ensure that entrepreneurs have the resilience, agility and resources to allow them to harness new opportunities post-pandemic.
Youth Business International has been supporting small and medium businesses for the last 20 years, including responding to emergencies such as the global financial crash of 2008 and the hurricanes in the Caribbean. Entrepreneurship is more vital now than ever.