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MSME Clearinghouse: Newsletter |
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COVID-19 Policy Responses (May 2020): |
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This is the third special edition of the OAS MSME Newsletter dedicated to measures recently announced by OAS Member States to mitigate
the economic impact of the COVID-19 pandemic on micro, small and medium-sized enterprises (MSMEs). As we highlighted in the first edition
of March 31, 2020, the policy responses vary from country to country and are specific to the economic circumstances and public health of
each Member State. Given that every day produces new developments, this third inventory is in no way exhaustive.
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The Bahamas
A Small Business Recovery grants programme – launched in partnership between The Bahamas Red Cross Society (BRCS) and the Grand Bahama Port
Authority, Limited (GBPA) – will offer grants up to $6,000 to qualifying businesses.
Barbados
The Small Business Association (SBA) recently held a webinar entitled, “The New Normal – The Advent of E-Business”, to better equip the
local small business sector for this transition.
Canada
The federal government is offering more help for landlords and cash-strapped small business owners who can’t come up with their rent
because of the COVID-19 pandemic.
Chile
Start-ups in the COVID-19 era: Facing challenges and seizing opportunities
Colombia
With the web portal colombiasigueadelante.mincit.gov.co, the Government launched a centralized tool where businesses can check the measures taken
to support the business sector in the face of the COVID-19 emergency.
Costa Rica
69 small and medium-sized Costa Rican businesses will be able to access non-reimbursable funds for productive transformation, and in
this way, be more competitive. These SMEs are the winners of the IV Green Growth contest and the Discover II contest, initiatives that
seek to improve the profile of environmental sustainability and the export capacity of Costa Rican SMEs; and the diversification of
agriculture, fishing and attracting investment in rural areas.
Dominica
The Government of the Commonwealth of Dominica signed an agreement with the Dominica Agricultural Industrial (AID) Bank to assist small businesses owners.
Those impacted by the pandemic can apply for small loans with a 1% interest, generous terms and a fast 48-hour turnaround.
The first level of the MSME Virtual Financial Management Training hosted by the Dominica Association of Industry and Commerce (DAIC) and the Climate Resilience
Execution Agency of Dominica (CREAD) took place via Zoom on Thursday,May 7th, 2020.
Jamaica
Small Business Grants To Be Paid in May.
MSMEs encouraged to adopt business continuity plan.
Mexico
The health emergency has affected small and medium-sized companies throughout the country. Many of these companies are seeking financial relief
to survive in the coming months and through our solidarity we will be able to help them.
In Mercado Solidario anyone can support these businesses through local consumption, at home and in advance.
The program to support family businesses registers more than 830,000 people. They will be able to receive financing of 25,000 pesos to stimulate
and reactivate the local economy.
Panama
More than 70,000 MSMEs will be able to access the National Recovery Plan
With the creation of a National Recovery Plan (PNR), more than 70,000 micro, small and medium-sized companies (MSMEs) will be able to access activation
programs, preferential credits and loans. This is a rescue project that will be developed by the National Government, through the Ministry of Commerce
and Industries (MICI).
Peru
The FAE-MYPE also provides credits to Foreign Trade and Tourism companies
The fund has S / 800 million to provide credit guarantees that allow companies to continue their operations.
Government grants an additional S / 4 million to the Emprende Tourism Program to support tourist Micro Enterprises
Saint Kitts and Nevis
St Vincent and the Grenadines roll-out PRYME and PRYME-plus programmes.
Trinidad and Tobago
Additional help would be provided for small and medium businesses during the COVID-19 pandemic. Consideration will also be given to extending
existing COVID-19 relief measures if necessary.
United States
Digitally Empowered: How Digital Tools Power Small Businesses Amid COVID-19 found that during the COVID crisis 76% of small
businesses are relying more on digital tools than before, and 74% of small businesses expect to be back to business as usual
within six months of restrictions being lifted. Additionally, nearly one-third of businesses surveyed said that without digital
tools they would have had to close all or part of their business during the COVID crisis.
Uruguay
At the request of the Ministry of Industry, Energy and Mining, the national electricity entity will exempt educational and cultural institutions
from the payment of fixed charges and power between April and August. In addition, it allows hotels and restaurants to finance 70% of their bills
until November, without fines or surcharges, and pay them in installments beginning payments in December.
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