How can large companies support their MSME partners?
Business Fights Poverty, a business-led collaboration network focused on social impact, has launched a new Business and COVID-19 Response Centre and an Action Toolkit to provide practical steps large companies can take to support their MSME partners through the COVID-19 crisis. As MSMEs struggle, the impact on their communities is also significant as they are often the only source of goods and key services for the most poor and vulnerable populations. For large companies, who rely on MSMEs in their value chains as suppliers (including small-scale farmers), distributors, retailers and customers, beyond the immediate humanitarian imperative, supporting them through the COVID-19 crisis will be critical to ensuring supply chain resilience, business continuity and recovery in the months ahead.
There are several practical ways that large companies can act now through their core business, philanthropy and policy engagement to support their MSME partners through the crisis. To help stimulate thinking and action within companies and between partners, Business Fights Poverty and the Corporate Responsibility Initiative at the Harvard Kennedy School have produced a practical guide structured around an action framework.