U.S. town creates local currency to boost coronavirus relief

The German government has spent billions to keep small businesses and freelancers afloat during the pandemic. Entrepreneurs who qualified were sent funds, often within 2 business days, specifically for business-operating costs such as commercial rent. Some businesses are hoping for more support in the form of rent freezes depending on how long the lockdown continues while others lost out on funding by waiting too long. The program ran out of money but the government has announced additional aid packages.

The French government has spent billions to keep small businesses afloat during the coronavirus lockdown in hopes that the stopgap funding will ensure a quick economic recovery once the health crisis abates. The funding has been on a national and regional level, with extra funding for those who have been rejected for bank loans and are suffering the most. Small businesses are also exempt from rent, gas, or electricity payments until the country reopens. The distribution of funding has come with its challenges as some business fall through the bureaucratic cracks.

In 2016, the city of Rochester, NY partnered with Kiva—a crowd-funded microlender—to serve aspiring or established small-business owners. Their partnership offers interest-free loans, and already 20 of the loans have been fully repaid. This article looks at six different case studies of residents who have benefitted from the program.

Development work is evolving beyond short-term mission trips and one-off donations into a more comprehensive, in-depth model that addresses long-term sustainability of a solution paired with empowerment of those being served. MicroConsignment is a unique branch of micro-enterprise being implemented by non-profit SolCom in Guatemala that provides individuals in rural villages the skills and resources needed to start sustainable businesses.

Two columns on microconsignment, a new variation on microcredit that helps poor people living in developing countries - particularly women in rural villages - start small social businesses without taking on debt or requiring previous business skills. The organization, Soluciones Comunitarias, partners with a non-profit and a university student program to manage the supply chain and other components of the business necessary to support the social entrepreneurs in successful micro-ventures.

A handful of entrepreneurial individuals in Kansas have found success in starting businesses during the pandemic by leveraging customer needs and pandemic relief funding. Although this business plan isn't "foolproof," in Kansas and nationwide, the number of entrepreneurs who filed applications increased significantly compared to previous periods.

Despite a nationwide months-long coronavirus lockdown in Norway, the economy was able to remain stable due to a "decades-long effort to create an equitable economy" that helped the government to enact a package that provided businesses and self-employed individuals' tax relief and deferrals. Although Norwegians pay roughly the same amount of taxes that Americans do, their taxes largely pay for social welfare programs which include unemployment benefits, retirement pay, and health care coverage. This "national ethos of economic equity" is what helped the country to navigate the pandemic.

Since the COVID-19 pandemic, small businesses in Texas are struggling to stay afloat. A university-sponsored crash course might help struggling businesses find solutions catered to their community. Fifty-eight communities participated in the Regional XLR8 program sponsored by the IC institute at the University of Texas at Austin. The “secret sauce” for innovation the institute has used for decades involves getting people to work with one another as opposed to working separately.

Truck convoys ensure safer journeys for drivers and their goods around Kanyabayonga, an area that experiences intermittent instability and violence between armed groups. Up to 100 trucks carrying goods like charcoal, bananas, or lumber line up most days and wait for permission to continue their journey. The local economy has benefited, with restaurants and stores popping up to accommodate the influx of people. A ban on night time driving to prevent threats from armed groups has also supported the growth of a hotel industry, with 15 informal hotels now in operation.

Business counseling for struggling entrepreneurs has been crucial for small businesses trying to get back on their feet in the aftermath of the shutdown. The Asian Pacific Islander Small Business Program was specifically formed for Asian Pacific Islanders, who failed to find help because of language barriers. API SBP brings together different business communities to work collaboratively and pool resources. In addition to rent relief, navigating changes to PPP, and finding available grant programs, counselors have recently assisted businesses with social media presence and building websites.