As the COVID-19 crisis has taken its toll on the world, many small and medium scale industries are suffering due to the crippling drop in economies across the world. As estimated by McKinsey, about two thirds of the 60 million jobs that are at risk across Europe are part of the SMBs.
In the United States, 52 percent of the SMBs are close to shutting down because of the rapid decrease in revenue, disruptions in supply chain and uncertainty of the future.
In addition to the already existing crisis, cyber criminals have made the SMBs their prime target. Israel tech companies have come forward to help SMBs tackle their issues by offering a variety of solutions.
- Next Insurance provides tailored, affordable small business insurance coverage to U.S. small businesses through an online portal. Founded in 2016, the company delivers business, general liability, professional liability, commercial auto, and workers’ compensation coverage for more than 1,300 classes of business. The company has launched a SMB assistance program called Built by Business and has joined the #OpenWeStand initiative and American Express’ Stand for Small campaign to aid entrepreneurs in these unprecedented times.
- Cybersecurity company odix provides comprehensive network protection against ransomware attacks. Prominent customers include Dun & Bradstreet Corp., General Electric, and the European Investment Bank (EIC), but the company’s enterprise-grade cybersecurity protection is not just for major multinational organizations. With €2 million in funding from the EU’s Horizon 2020 program, odix is expanding its cyber technology to cover European SMBs.
- Long before the pandemic, securing funding ranked as one of the biggest obstacles for SMBs. However, loan marketplace Become, formerly Lending Express, connects businesses to a wide ecosystem of lenders and partners, enabling SMBs to access customized loan terms that suit their businesses’ unique needs. The company is also assisting SMBs in accessing Pay check Protection Program (PPP) funds under the U.S. CARES Act.
Interested, please contact the undersigned from the Israel Consulate in Bangalore –
Ms. Veshala Gajaraj