"ANDE has been tracking the growth and impact of the small and growing business (SGB) sector in emerging market economies for our annual State of the Sector report since 2009. The analysis examines global trends in support for small and growing businesses through capacity development services, direct private investment, and donor funding, as well as specific trends by region. The latest report provides a retrospective summary of key developments and trends in the sector in 2019 and relevant insights based on initial data and emerging information on the potential impact of the COVID-19 pandemic on those trends in 2020."

"This guide concerns smallholder farmers and their engagement with markets in Africa. It looks at their degree of engagement as well as the possibilities to link them to formal firms in ways that may improve access to capital, inputs, know-how and markets. It adopts three perspectives to frame thinking about key issues: agricultural development policy, rural market failures and a 'business view', the latter with regards to high start-up costs and learning thresholds."

"The Shell Foundation commissioned Enclude and the Aspen Network of Development Entrepreneurs (ANDE) to conduct research on how to spur significant scaling up of investment in and reach to SMEs in Sub-Saharan Africa over the coming three to five years. This study is based on research conducted from late 2016 to mid-2017, with generous participation from leading providers of SME finance globally through roundtable discussions, surveys and interviews. The findings in this report highlight both individual approaches and systemic interventions necessary to achieve significant scale."

"This paper synthesises findings, based on case studies of social enterprises operating in the agriculture and health sectors in Kenya and Vietnam. Main conclusions are that the concept of social enterprise needs to be clearly defined if governments and donors want to give preferential support to such organisations and that defining social enterprise as a hybrid business model facilitates identification and analysis of enterprise models that are distinct from mainstream business. The research found that the social enterprises covered in the survey were often small, personality driven, and internationally supported. Social enterprises face special constraints linked to their hybrid business model: access to finance, human resources, legal status, difficult markets, and management weakness. Market and state failure creates niches for social enterprise: serving disadvantaged communities, managing public infrastructure, and creating environmental benefits. Governments, donors and promoters should assess the niche for social enterprise in specific market contexts in place of blanket promotion of the concept."

"The Stocktaking Report aims to provide the G-20 Leaders with a summarized but comprehensive framework by which to understand the SME finance gap and its challenges. The first part of the report is conceptual and primarily consists of a review of the literature on SME Finance in the developing world; the second part of the report discusses the analysis of 164 cases of SME Finance interventions compiled through a collective effort involving G-20 member countries, non-member countries, development finance institutions, and private sector players. Finally, the report highlights key recommendations that are proposed to the G-20 Leaders in order to achieve signifi cantand sustainable scale-up of SME access to financial services across the developing world."

"With the aim of better understanding trends, challenges, and growth opportunities, the Aspen Network of Development Entrepreneurs (ANDE) has developed a series of publications about impact investing in four sectors: biodiversity conservation, education, financial inclusion and health. This publication focuses on the specifics ofi mpact investing in biodiversity conservation. It begins with an overview of the social, environmental and economic context in Brazil, which is followed by data on impact investing in the sector taken from the second edition of the report "The Impact Investing Landscape in Latin America", recently publishec by ANDE and LAVCA (The Association for Private Capital Investment in Latin America). The publication then presents a case study of a business that rec3eived investment, before concluding with recommendations for the sector."

"This publication focuses on the specifics of impact investing in financial inclusion and fintechs. It begins with an overview of the social and economic context in Brazil, which is followed by data on impact investing in the sector taken from the second edition of the report "The Impact Investing Landscape in Latin America", recently published by ANDE and LAVCA (The Association for Private Capital Investment in Latin America). The publication then presents a case study of a business that received investment, before concluding with recommendations for the future."

"This whitepaper presents the first rigorous analysis and estimate of the size of the impact investing market. It estimates that over 1,340 organizations currently manage USD 502 billion in impact investing assets worldwide. This research also underscores the diversity of the market.

Overall, this research indicates that a significant amount of capital is at work to address the world's social and environmental challenges. And the market continues to grow rapidly, with new investors entering to establish impact investing practices and to allocate additional capital to positive impact."

"As microenterprises are likely to resort to microfinance institutions to get access to financial services, Appui au Developpement Autonome (ADA) has coordinated a series of three studies relying on five Monetary Financing Institutions (MFIs) in Ethiopia, Kenya and Madagascar in order to identify a sample of SGB owners and interview them individually to get details about their paths.

This study is the synthesis of these three surveys and specifically aims at providing detailed information about entrepreneurs' profiles, about the main challenges and obstacles they faced through their growing process and about their current financial and non-financial needs. Based on such information, general recommendations are made to financial services providers and all kinds of organizations supporting MSMEs."

"This study assesses the state of a significant, albeit underserved, segment of the SME market, known as the "Missing Middle" to better understand their needs and the challenges they face. It addresses how governments and other stakeholders can help them reach their potential for growth and job creation to positively impact the MENA region. Missing Middle SMEs are formally registered firms that have passed the initial start-up stage. These SMEs typically have modest revenues of US$100,000-$5 million, employ an average of 6-150 employees and require between US$50,000 and $2 million in flexible growth finance, along with business development assistance, to survive and grow. This study shows that although there are a number of existing SME support programs in the region, they need to go beyond the provision of limited subsidized loans and pre-investment training to adequately support the Missing Middle SMEs throughout their business lifecycle."