We have updated our Privacy Policy and Terms of Use for Eurasia Group and its affiliates, including GZERO Media, to clarify the types of data we collect, how we collect it, how we use data and with whom we share data. By using our website you consent to our Terms and Conditions and Privacy Policy, including the transfer of your personal data to the United States from your country of residence, and our use of cookies described in our Cookie Policy.
{{ subpage.title }}
After COVID, Belgian small business began to bloom
Isabelle Nijs runs a hair salon in Begijnendijk, Belgium, about an hour’s drive to the northeast of Brussels. Nijs struggled to keep her business going through the pandemic during lockdowns and the lack of customers that brought. Rents and insurance premiums continued going up, but she didn’t get any financial support to meet the rising costs. Now, with people coming out of COVID restrictions, her business has begun to bloom … only to be impacted yet again, this time by the war in Ukraine. Now, she’s also dealing with supply chain issues, with prices going up and quality going down, not to mention long wait times.
Watch more from our conversation on how small businesses can thrive after COVID, which was recorded live on March 22, 2022.
European small biz owners impacted by Ukraine war and COVID, says head of industry group
What's the outlook for European small businesses these days?
Not as good as SME owners would like, according to Véronique Willems, secretary general of SMEUnited, an organization representing some 22.5 million European small businesses that employ almost 82.4 million people across 30 European countries.
In recent months, European SMEs have been hit by the double whammy of COVID spikes due to the omicron variant and now higher energy prices due to Russia's war in Ukraine, Willems explains during a livestream conversation on small businesses and pandemic recovery hosted by GZERO Media in partnership with Visa.
"I hear entrepreneurs who have tripled or more of their energy costs," she says.
"So the sentiment, let's say, is a big uncertainty at the moment." What about the EU's COVID stimulus program for SMEs? Willem points out that a lot of the funds have already been used for things like digitalization and green transition, which has been a big success, but complains that not all the money has gone to small firms.
- Rising gas prices will test US resolve on Russian sanctions ... ›
- The Graphic Truth: Oil prices surge over Ukraine war - GZERO Media ›
- What We're Watching: Soaring oil prices, inching towards an Iran ... ›
- The worst may be yet to come in Russia-Ukraine energy crisis ... ›
- Should small businesses embrace public-private partners? - GZERO Media ›