When thinking about companies that are changing the world, most could easily name a few well-known large global enterprises, but few would consider their neighborhood shops. While any large enterprise may dwarf the contribution of a small business, collectively, small businesses represent more than 90% of all companies globally — covering 60% of global employment and contributing to close to 60% of global gross domestic product (GDP) in developed economies.1 Global banking revenues from small businesses alone represent one-fifth of overall global banking revenues.2 In addition to contributing to the global and local economy, small businesses shape our lives in profound ways — infusing both character and personality into our communities.
Small businesses are resilient and creative in how they serve their customers. However, they are also vulnerable — never more apparent than during the COVID-19 pandemic. With bills to pay, supply chains to maintain and employees to compensate, many are experiencing a serious credit crunch. For instance, two-thirds of businesses across all sectors in Australia have reported a hit to revenue or cash flow due to COVID-19. 3 While most have struggled, some small businesses have managed to survive and even thrive through the pandemic.
