Stop ignoring the plight of small business owners

Survey after survey has shown that the government's stimulus packages for micro and small businesses have failed to deliver their desired results. This is particularly disappointing as, according to a survey conducted by the South Asian Network on Economic Modelling (Sanem) in July, 73 percent of micro and small businesses' owners could not recover their losses during the pandemic. Most micro and small businesses are still struggling a lot to survive. Many owners of small businesses are also facing threats from loan sharks, from whom they have had to borrow during their times of desperation—as the government's aid packages failed to reach them.

There have been plenty of discussions on why the government's stimulus packages have failed to provide the support that small businesses have so badly needed. Among them, the most prominent one has been the lack of documentation available to small business owners, against the documents that are required of them to gain access to the funds provided by the government. We have repeatedly advised the government in this column to find a middle ground that can solve the problem small business owners are and have been facing. Unfortunately, the government has been unable to formulate any strategies to solve these problems, despite experts giving them a number of possible solutions.

The lack of initiative shown by the government to find an effective strategy is befuddling. Small businesses employ the largest percentage of people in our country, and their struggles have led to huge numbers of people losing their jobs. The effect this is having on our economy is truly a cause for major concern. The fact that the government seems to feel differently is not at all encouraging.

Therefore, we must repeat our call to the government to take urgent measures to remove the roadblocks preventing micro and small business owners from accessing the government's stimulus packages. It should immediately set up a central repository system for such entrepreneurs, from where they can avail all the necessary documentation. Additionally, it should involve NGOs in the process of disbursing the funds, both to make it more transparent, and for their ability to reach families and business owners living in the remotest parts of the country. The government should do this urgently, before more micro and small businesses are permanently forced out of business, resulting in even more job losses and long-term economic turmoil.