https://www.ft.com/content/40d246e3-5cd3-40ae-bb23-fb640d3637a4
Early in the pandemic, small businesses in the US were handed a lifeline by the taxpayer-funded Paycheck Protection Program, which helped many to stay afloat as revenues collapsed. Businesses in emerging markets were, however, not as fortunate. “Credit from traditional providers is being pulled in and businesses are seeing major issues with access to working capital,” says John Simon, a founding partner of Total Impact Capital, a company that helps investment managers set up funds with a positive social impact. Although many impact investors are eager to support small and growing businesses in emerging markets, the pandemic has made it harder to direct investment.