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The COVID-19 pandemic has brought a still more urgent downside to our SME-dominated economy sharply into focus: small enterprises often don’t have the financial wherewithal to sustain an extended disruption that large businesses do.
“We do have an economy that’s more weighted to small companies, particularly what I would call micro-businesses, those with zero to five paid employees,” says Jock Finlayson, executive vice-president and chief policy officer for the Business Council of B.C. (an association representing big business, it should be noted). “A lot of businesses, I’m afraid, are going to fail because of the protracted nature of this disruption.”
