In Latin America and the Caribbean (LAC), SMEs are a primary source of employment and a key provider of goods and services for a large part of the population. SMEs represent up to 99,5% of all companies, 60% of the employed population, and 25% of GDP.

As societies implemented lockdowns for COVID-19 and people were asked to stay home. Some of those businesses never reopened, were unable to cover accumulated costs in the face of falling sales, and were pushed beyond their survival thresholds.

Providing SMEs adequate support and strengthening their resilience has been a central part of our work to support governments' economic relief strategies throughout the pandemic and beyond as they are a critical source of employment and economic prosperity for so many communities in the region

We are also accompanying countries to address some of the structural barriers SMEs face, such as access to finance, investments in digitalization and innovation, regulatory burdens, or broader challenges in the enabling environment, SME growth could become a strong driver of sustained economic recovery in the region.