Supporting SMEs Financial Resilience during Crises: A Framework to Evaluate the Effectiveness of Financial Literacy Programs Targeting SMEs


  • Aassouli Dalal Hamad bin Khalifa University
  • Ahmed Habib Durham University


Financial literacy, financial resilience, crisis, financial education


Financing capital investments and working capital have been the key challenges for small businesses during and in the aftermath of the pandemic. Excessive indebtedness can increase the fragility of firms, particularly during times of uncertainty. While there are several programs globally that target entrepreneurs’ financial literacy, most of them do not take into consideration entrepreneurs’ financial resilience during and after crisis times such as pandemics. The objective of this paper is to discuss the status of financial literacy programs targeting entrepreneurs. This paper conducts a review of the relevant literature to establish the initial understanding and then generates a framework consisting of entrepreneurs’ financial literacy along with its components. This is done by carrying out qualitative content analysis of the various financial literacy initiatives targeting entrepreneurs in twenty countries globally to understand their target segments, scope, initiating organisations and limitations. The paper then suggests a framework for entrepreneurs’ financial education that takes into consideration financial resilience during and after crisis situations in general and pandemics in particular.


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Author Biographies

Aassouli Dalal, Hamad bin Khalifa University

Hamad bin Khalifa University

Ahmed Habib, Durham University

Durham University