NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The confluence of recent extraordinary events such as the COVID-19 pandemic and Russia’s invasion of Ukraine has simultaneously created obstacles and opportunities for small businesses around the world to engage in global trade.

Costs have risen precipitously for everyone, as inflation rates have reached 40-year highs in many countries. But the cost of financing is rising even faster for the smallest companies that don’t enjoy the investment-grade credit ratings of their larger counterparts.