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Transatlantic Innovations in Affordable Capital
for Small- and Medium-Sized Enterprises
Prospects for Market-Based Development Finance
G Y Director, Capital Studies T Mk I
D R Senior Researcher T Mk I
J M. W Program Officer T Gm M F U S
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2007 The German Marshall Fund o the United States. All rights reserved.
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About GMF
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GMF does this by supporting individuals and institutions working on transatlantic issues, by convening leaders
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I 1
Dg Mg M SME F 4
S S I 13
F Cg Gg A C 3
C 39
Ax 41
ransatlantic Innovations in Aordable Capitalor Small- and Medium-Sized Enterprises
Prospects for Market-Based Development Finance
A joint report by the German Marshall Fund
o the United States and the Milken Institute*
October 2007
G Yg
D, C S
M I
D R
S R
M I
J M W
Pg O
G M F U S
*W g B Z P R M I w K G C ML M I A U GMF
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8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises1
Most of the
developing
worlds industrial
structure though
suffers from a
missing middle
characterized by
many small, stat
and informal
enterprises on
one end of the
spectrum and a
few large firms o
the other.
J 6 Gg C M H
U g
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g g
g w
M P g
, ,
I g
g, M P
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w, , gg
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W SME ? SME
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g g
, ,
w g -
, , , , w g
g, g,
w B
w-, - g
S g E A g- SME , g w
Introduction
1
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he German Marshall Fund o the United States2
This
democratization
of capital helps
bolster the
development of
a vibrant middleclass which, in
turn, can foster
political stability.
D g g, SME
g W
w SME I g
g w g w
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w g, w
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g gg
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3 I NGO - T -g ,g NGO - g
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises3
Creating
incentives for
local banks
and financial
intermediaries
to develop SME
products and
services will also
require new skills
and managemen
practices and
a change in
mindset.
w g
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,
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q
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w, SME Lw-
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w
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, SME g
GDP w-
4 A P J E S, S B,MilkenInstitute Review, /5: 9-94; A P JE S,V C D D P P Bg B R: T P S Fg Ag G P, Ag 4, 5
N, SME
- w w
w
g,
g A
,
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g g SME w-
, ,
w , g
Fg g
g
N gg
g g SME Lg
- ,
w q g xg
Hw, SME
g
g
g w
Figure 1: SME Sectors Contribution toEmployment and GDP
High
Income
Middle
Income
Low
Income
Source: Meghana Ayyagari, Thorsten Beck, Asli Demirguc-Kunt,
Small- and Medium-Enterprises across the Globe: A New Database,
World Bank, August 2003.
Employment
GDP
70%
60%
50%
40%
30%
20%
10%
0%
Defining the Missing Middle
in SME Finance2
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises5
In Cameroon,
for example,
the minimum
deposit required
for opening a
checking accoun
in a commercial
bank is over $70
an amount highe
than that country
per capita GDP.
w
g , w
-w g
W ,
SME g w w
1 5 w M
w, w w
5 g (
w 1
g) N w SME
g
, ,
I g g w g
-w g
(Fg 3)
C , ,
SME
g
I g ,
w-w g
g
g g O
, q, ,
q
I C, x,
q g g
$,
g GDP5
Fg ,
w w, ,
S
w
A g
5 W B, A F: M, I P, Research Report, N (g)
Source: Dalberg Global Development Advisors, From Talk to Walk: Ideas to Optimize Development Impact, 2006.
Figure 2: Enterprise Financing Gap
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
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he German Marshall Fund o the United States6
These business
environment
weaknesses have a
disproportionately
negative impact on
smaller businessesand compound the
problem of limited
access to capital.
SME (Fg 4 6) Lw-
w SME w
g-
(Fg 5) O g SME
wg: - g;
, w -x g;
;
; g x;
g x;
g ;
g w g,
q, q-q, -
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g
SME
g gw
q g 6
B g SME
W B, g g
(Fg ) Rg SME
gw
g w x , ,
,
6 L K, L L, R R E Rg B EJournal of Financial Economics 8(3): 591-69 (6)
Figure 3: The Missing Middle
Source: Sanders and Wegener, 2006.
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises7
Figure 4: Cost to Start a Business vs. Number of SMEs
0 50 100 150 200
Cost to start a business (percent of income per capita)
0
20
40
60
80
100
#ofSMEsper1,0
00people
Figure 5: Private Credit vs. Number of SMEs
0 20 40 60 80 100 120
Private credit as a percentage of GDP
0
10
20
30
40
50
60
#ofSMEsper1,0
00people
Figure 6: Private Credit vs Number of SMEs
#ofSM
Esper1,0
00people
0 50 100 150 200 250 300
Private credit as percentage of GDP
0
20
40
60
80
100
High-incomeUpper-middle
Lower-middle
Low-income
Source: IFC, MSME: A Collection of Published Data, 2006.
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Cumsan hendio
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amconsecte
exercilisl ut
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he German Marshall Fund o the United States8
Figure 7: Growth Obstacles Reported by SMEs
Source: Thorsten Beck. Financing Constraints of SMEs in Developing Countries: Evidence, Determinants, and Solutions.
Working Paper. World Bank, April 2007.
0.4
0.3
0.2
0.1
0
Fractionofsmall/med
iumf
irms
Costoffinan
ce
Taxrates
Macroeconomicinstabi
lity
Economicpolicyuncertainty
Corruption
Access
to
finan
ce
Anti-competitive/informalpractic
es
Taxadministration
Electric
ity
Crime,
theft,
disorder
Skillsofavailableworkers
Legalsystem
Customsandtraderegulatio
ns
Accesstola
nd
Licensingandoperatingperm
its
Laborregulatio
ns
Transp
ort
Telecommunicatio
ns
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er si et vent amc
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises9
Figure 8: Growth Effects of Financing Obstacles Across Firms of Different Sizes
Source: Thorsten Beck. Financing Constraints of SMEs in Developing Countries: Evidence, Determinants, and Solutions.
Working Paper. World Bank, April 2007.
A g
SME, g g ,
I , ,
A SME g q
g x
g w (Fg 8)
g g
g w
g , q,
w, g ,
, g g SME w :
x, g, g-
SME w
g w
g gw
g
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he German Marshall Fund o the United States10
Without sufficient
capital from
banks, venture
capitalists or angel
investors to help
unleash capitalfor business
expansion, young
entrepreneurs
remain cash-
strapped and risk
averse.
Figure 9: Financing Patterns Across Firms of
Different Sizes
InternalFun
ds
Banks
Equity
Leas
ing
TradeCre
dit
DevelopmentFinanc
ing
InformalSources
FractionofFinancing
forNew
Investments(%)
80
60
40
20
0
small (
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises11
SME gg -
g
g SME9
F, gg
x g
Dg 3 ,
g
, g , ,
g gw
w g g
w w g w
, gw1 Y,
g
g g-
, w
,
F
g g gg
g SME w
g w11
E w
x gw
q
9 O K A G, SIRIF A S R Mg D I, T G Exg SI VgP G: 1, 6
1 G Yg S , Beyond Junk Bonds: Expanding HighYield Markets, Nw Y: Ox U P, 5; J S D Cw (), Te Revolution in Corporate Finance, L-: Bw, 3; W R M S Sw-g (), Te Bridge to a Global Middle Class: Development,rade, and International Finance, M I S F I E Gw, B: KwA P, 3
11 I Ow A A Owgg F, I- A SME Fg Ng: A Rw S M I Eq I S,Journal ofSocial Sciences, 5
1
x (g
q ) gw
,
D
g x
SME
S g
g -g Hw,
g P
g
M ,
I ,
,
g, g
w w
R x gg
gg x
A
w g SME,
w M
g g
q Hw w SME
w? W w
x SME
g ? C
g
, NGO,
g
g SME?
w gg - g
-g gg SME
1 B, A Dg-K, R L, SME, Gw P: C C E,Journal of EconomicGrowth, 1(3), S 5:199-9
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exercilisl ut
vullandio odo
he German Marshall Fund o the United States12
Table 1: Activities of Selected Organizations*
TA
RkM
Im(..
) Rm
C-RIm
BP
CmD
FC
S
RC N N N N N Y N
BP Y N N N N Y N
KW Y Y N Y N Y N
SEAF Y N N N N Y N
A Y N N N N Y Y
SI Y Y N N N N N
E+C Y N N N N Y N
DRk N Y N N N N N
MFIC N N Y Y N Y N
IE Y Y Y N N N N
TS Y N N N Y N Y
GEXSI Y Y N N N Y Y
A N N N N N Y N
M N N N Y N N Y
Am N Y N N N Y N
JSE Y N N N N N N
OPIC N Y N N N Y N
IFC Y Y Y N Y Y N
BNwk Y N N N Y N N
* N A D F g g SME / - F , IFC SME, SME
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dolorem nullaor
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises13
g w g g g
S -;
;
g;
q
, w
w
S
, ,
g g g
g ( g
g):
Direct investors
S g g
g
w, w g
Agora Partnerships, Root Capital,
KfW, IFC, GEXSIand E+Co g
q w
SME g , q
q-q Aureos, Acumen,
SEAF, and Business Partners of South Africa
g S g
w
A w
SME
Remittance facilitators
g
g
IntEnt g g g
N SME
g I -g
g
gMicrofinance International
Corporation (MFIC) w L g g
U S w
L A
Service providers
g
g B
SME, g
g, g g, g, g
gg, g g,
SME
g
BiD Network
TechnoServe
wg
I ,
w
g g g
Shared Interest
g g g
g w DeRisk g
g
g , ,
OPIC SME
w g
,
g
JSE Securities Exchange South
Africa SME x g
SME- xg
Information providers
O g
gg SME
g
, g
Survey of Selected
Innovators3
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he German Marshall Fund o the United States14
The driving force
in Root Capitals
model is the
consumers
growing interest
in ethical tradeand sustainable
agriculture, and
the rise of a new
breed of socially
responsible
traders, importers,
and retailers.
g g g MicroRate, -g g
(MFI),
SME g g,
g w I
g
g g
g ( 1 MFI
MicroRate
gw
x g
)MFIC
g g ( , , gg ,
)
Selected innovators: A review
Root capital (U.S.)
R C ( ELg F)
g, w-
, , ,
g
g
g w gg , w
, R C
-g
xg
gwg
w g g L
g $5, $5,, g
9 1
x 8 ,
w gg 8 1
Fx- g g- wg
w
R C
- x g
w
W w- ,
w
w W , gw
g R C
gwg
g, w
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B g -
g
w
w qq R C
g , F w
gw ,
, g w
g B g
g-q,
- , g
g
g
( g w ), gg
g , g
R C g w w
, S C C
G M C R, w
w 5
U S E B g
w wg
g , g w
, R C
g g
S , W F, R C W
, wg
;
w , w
g-q 13
13 Iw w W F, A 6,
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises15
R C $ w5 g w-
g S R C
gg w $ ;
w
,
,
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A R C
w A (Rw, Ug,
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g- w , g
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w g x g
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g , Ewg
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-w g; g , D
I- Ewgg (DEG),
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g w
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G g g KW G g
g g -
w SME gw
DEG , ,
I g w w: g
G
g w g
SME
q ( 5 ),
g ( w -
) g- (4 1 , x
) DEG g
w SME
DEG
w , gg
x g SME
G DEG
g,
g g
KW g
DEG
I g
- g, SME , ,
,
g , q,
g ggg
DEG 15
E D F I
(EDFI),14 g
g g- , E w
g DEG
w g
14 T E D F I- A, Bg, U Kg-, S, Hg, G, F, N, I,D, Nw, F, Sw, Sw
IFC, EC EDFI
,
DEG g ,
w w -g g
Small Enterprise Assistance Fund (U.S.)
S E A F (SEAF),
Wg- g
1989, gw
g SEAF
g , g
w $
gw
w
g
S gg
w
SEAF ggg
S SEAF w w
w g
SEAF 8
, -
(IFI), g g
(NGO), ,
I
gw g I
g 19 -
L A, A,
E E I $1
SEAF g ,
w- ,
w, x P CEO B
V, SEAF
$5, F ,
15
15 Iw w B V, A ,
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he German Marshall Fund o the United States18
Entrepreneurs
need investment
and a trusted
partner, not
charity.
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w 5 1 S
q ,
, ,
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g -,
g
Ag V F, g g
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w q
O g
g g g
, Pw E
,
Ag g
Ag w
w g
, g
w I , Pw N 1
Ng x
L A, g
Ag V F g $
, w $5,
D- DOEN
F Ag P
Ng g
Ag F USAID ,
E+Co (U.S.)
E+C w g
g
g I A, A
L A
: , ,
E+C g w $15
5
g w $5, $5,,
( 85 )
D g 5 8 , w gg 8 13 , q
q
A g g
q ( 15 ) w -g
1 I
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Iriuscidunt verci
tinciduisi. Lis ad
elessi. Um alis
dolor si. Ing eum
dolorem nullaor
tionseq uipsum
ipsusto dolore
feum quiscil iscil
er si et vent amc
ad dio eum vel
ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises19
C A RwEg C P F, w
g E+C,
g Eq
x g E+C
g ;
g g
, x
S -199, E+C
14 I -
g
g
w
, C E-Sg,
x E+C18 E+C
, ,
g, g g ,
g g,
g g, g
g
E-Sg gg
g g E+C
g g
E+C
g 8
, - (g
)
W- 1
g
w
w g E+C x
I w
G D g,
18 Iw w C E-Sg, M 11,
g g g w O
IFI, US
w
3 5
Acumen Fund (U.S.)
A F g A
1 A
A g g g,
w ,
w q A q
g 5 1
w -
Eq
q, g q,
xg ,
-
Ag g
, A w
w , g, g I
g N,
g A
g $5, $15 g g
C, $145
1 I, P,
, K, S A
g Ug g Eg
gg w
gw ,
w g A
$5, $5, g, g
x w
g
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Iriuscidunt verci
tinciduisi. Lis ad
elessi. Um alis
dolor si. Ing eum
dolorem nullaor
tionseq uipsum
ipsusto dolore
feum quiscil iscil
er si et vent amc
ad dio eum vel
ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises21
, -g
, gw, x gw,
g w
g (IFI, NGO, ,
)
A N
g , w g
- w, g
D , , g, NGO
g L
, 35
95 g ,
g K W,
BD Nw1 F ,
, , g,
(Ag, P, C, , K,
I, P) w g
gg
I , 4, 1
w 14, g
g (R, O
C, SNS A Mg, GEXSI, Aq
A, W L, FMO, D
M Fg A, g ) A
15 w w
O
w B Cg, 5
5 I
, 6,3 w w
5 g ; 16 w
5, 15,
w J
1 Iw w K W, A 1,
g, q g
BD Nw
g, w
I
, g
BD Nw
, w g
w O ,
; ,
I g
BD Nw
w US
A g x
L A gg
, W E g
x q
TechnoServe (U.S.)
S g
g ,
, g w
4 g
B P C E
D Pg,
g g
g
,
g, w
g
B P
C w E S, ,
q 15 L A
B L
A , S
I
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Iriuscidunt verci
tinciduisi. Lis ad
elessi. Um alis
dolor si. Ing eum
dolorem nullaor
tionseq uipsum
ipsusto dolore
feum quiscil iscil
er si et vent amc
ad dio eum vel
ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises23
U S
gg ,
x x x
w
, MFIC
(, , MFI,
) L A F,
MFIC - -
MFI g
g $5, $5,
Shared Interest (U.S.)
S I SME S A
g g
g , g
, g g
g g
g SME w
15
, g ,
Figure 11: Cost to Transfer Funds Internationally
Source: Thorsten Beck, Asli Demirguc-Kunt and M. Soledad Martinez Peria. Banking Services for Everyone? Barriers to
Bank Access and Use around the World. World Bank Pol icy Research Working Paper 4079, 2006.
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Cumsan hendio
con vullaorem
zzrilit laorting
el do exer si tin
ulputem iure
velendrer sequat.Ummy nissis eum
dolummy nullaor
amconsecte
exercilisl ut
vullandio odo
he German Marshall Fund o the United States24
g B g ww w, S I
S I US
( g)
w
g ,
US ,
S A
S I S A
, I G
F (IGF),
w
g w MFI,
g
IGF w g
, g ,
gg IGF
S I
g
g
wg
C S I g
$86 I , g
1:1 g: g,
$1 S 1994
g 19, w
8, w , D K,
g x S I4
The Global Exchange for Social Investment
(UK/Germany)
G Exg S I
(GEXSI) w 1
w gg g
w
,
GEXSI -
4 Iw w D K, M 9,
w g wg - GEXSI
, , I
w
, , w-
g, , g ,
w g,
GEXSI g
, -
,
x ,
(, , ) I
g w GEXSI
g
, -
g gg
GEXSI -
w ,
- g
- g
g g
g w
w ,
w
R, GEXSI w B
P
g SME Ag
(1,), BOP
IntEnt (Netherlands)
IE (I E)
11 g
g g N
g IE w
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises25
IntEnt is fosterin
the concept of
circular migration
encouraging
immigrants to
reconnect with
their home
countries and
contribute
their savings
to stimulate
economic and
employment
growth.
D M Fg A(NCDO) w H,
g D NGO, gw SME
g (G, E, S,
M, Ag, C, )
R, IE w
g
w
IE g
g, gg g
w
g gw g
,
N w
E
g g
w w wg ,
g , g
, gg g
, q 1
, ---
IE g (g LG F) w
g
A, IE g
g w (G
S) g g
SME I
g, w
g ( C g
1 ) g g
4, g 45 w 15
w g
, g,
-gg
, w D, g
g
IE
w C G F g
w g
g S, IE
w g
B 8,
I , IE
g g
g E
, Bx,
E g
g N Mg
: g
, g
, w
gg
MicroRate (U.S.)
I 1996, MR gMFI I g
:
q, g g,
g g ,
Ag MR
SME g g ( MFI,
w, g w
SME), w x
w
MR g
g MFI g I g
, MR g
MFI
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Cumsan hendio
con vullaorem
zzrilit laorting
el do exer si tin
ulputem iure
velendrer sequat.Ummy nissis eum
dolummy nullaor
amconsecte
exercilisl ut
vullandio odo
he German Marshall Fund o the United States26
I
, D Sg,
MR B
g g5
DeRisk Advisory Services Ltd. (UK)
DR A S L (DR)
w
gg SME:
w g ,
, (Fg 1)
W
, Aw G, gg
DR SME g
6 DR g
SME w,
g g g
, w
g q
w g
w -w
5 Iw w D Sg, M 15,
6 Iw w Aw G, A 1,
g g
I, g
g g g
: ,
gg ,
g
DR g g
wg SME gg
C
g ( x
g USAID
D C A) -
, g, -
International Finance Corporation (multilateral)
I F C (IFC),
W B G,
gw g
g ,
g
, g
g IFC
Figure 12: SME Investment Risks
Source: Andrew Gaines (Gaines & Partners), 2006.
EmergingMarket SMEInvestmentPortfolio
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises27
These investmen
combined with th
technical suppor
of IFC partners,
intend to build th
capacity of local
banks and enabl
them to effective
downscale their
operations to
serve SMEs and
microenterprises
F g 1956
g , IFC $56
w g $5
3,5
14 g I
g ,
, g
IFC A M, S, M E
(MSME) g -g q
MSME S-S
A I
wg
g- w g
g g MSME
g
, gg IFC
x w
I g
MSME
wg
SME g w
g
; g SME ,
, -g
; g w , g
, g; g g
g ; g ; g
g U g,
w :
, gw, q,
g, ,
;
, , , q
A g, IFC
$ g
gg
A MSME F C Ag
C Eg E
Q I
g IFC g
g 5 1 A
g ,
w IFC,
w
SME
IFC G B I w
4 w gg g
g
g
x ,
g
-
( , ) w (
, g
g ) A
SME, g g
xg
-- g g
F , G B
I w g
g ,
, ,
x w
g g GBI
g :
4 g
g O 54,339
, $
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Cumsan hendio
con vullaorem
zzrilit laorting
el do exer si tin
ulputem iure
velendrer sequat.Ummy nissis eum
dolummy nullaor
amconsecte
exercilisl ut
vullandio odo
he German Marshall Fund o the United States28
g w, 85 w w-
g-
,
, G B
I w IFC
G B F w
g g g
g, , q-q,
q , w g
g w
G B I w
- (
w g
),
I
g
qg : agribusiness and crafts
g ,
w ;youth and
informal enterprise,
; wg-
g g g network;
access to finance
D g
, x
g
M
, ,
M
, g g
I ,
g g
w g
q-q , w w
x
g-, G
B F w
x g, g
w g q -g
A - g w g w
- , g
w
( ),
g g
g E,
-
g
w w
Overseas Private Investment Corporation (U.S.)
O P I C
(OPIC) US g g
US 15 gg
g g
: ,
, q ,
O g 31-
, OPIC $138
3, , gg
$1 -g
668, -
OPIC g SME
g F,
SME PC
SME g
wg w
S, OPIC
g g w SME
g -g g, wg
g w SME
, OPIC g w
q A gg
/
L,
g
g g
, g g
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises29
Rgg , OPIC w
q A,
w g g w
A S D F
q gg -
w
g q
g I w g
w / g
g--w w g
g
w-g A w g
; ,
, SME , w
, , , g,
g
Ag , OPIC w g
w
;, g , w
g ;
SME OPIC
3 5
g
g
x
,
g--w
Business Partners of South Africa
B P S A (BP)
w g
g gg
SME g w Cg --
OPIC A S D F A, A3,
g w q q-q , BP
g
q Mg K w
IFC, g
BP g ,
w x g I
g w $5, $1
q-q w
w x
w w w g
BP , Hw, J
Sw, gg BP,
w q g
N g
w w g w ,
Sw8 BP
w
, w -g BP
w g g
;
w -g g g
g I , BP /
/q ,
g q 5 35
g
BP g
g I
S A, w
-
,
g g
8 Iw w J Sw, A 1,
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he German Marshall Fund o the United States30
AltX effectively
helps bridge the
missing middle
in SME finance
by offering small
enterprises capitaland management
training to entities
that are not yet
able to list on the
JSE main board.
, Sw Hw,BP 8
S A 9
B S A, BP
w S-S
A: $1 Mg
g
(IFI) IFC,
N (Nwg ), CDC
( B ), E
I B, D DOEN,
A R O, $14 K
, w
, C L E A
D B USAID g $
Ag
w w ,
- x
g S
A E, BP I
A Mq
Ng w
g
JSE Securities Exchange South Africa
E 188 w
Jg S Exg (JSE), JSE
A g g
g, g
w g q,
g
I 3,
w S A g D
I (DI), JSE AX
A xg -
- gwg I
g -gwg , -
9 I
, -w , B EEw , -g
,
AX g g
SME g
g g
JSE
AX xg,
q SME C
q JSE ( g,
g,
), w g q A
R q
-gg
-
W B S
w g g
g, DI
g -g
AX
g AX SME g g-
q
-g q,
g ,
g g ,
,
xg g g
gw
JSE g
$5 w
AX gg $3 $5
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Iriuscidunt verci
tinciduisi. Lis ad
elessi. Um alis
dolor si. Ing eum
dolorem nullaor
tionseq uipsum
ipsusto dolore
feum quiscil iscil
er si et vent amc
ad dio eum vel
ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises31
Table 2: Overview of Direct Investors in SMEs
SME Size Loan Range Type of Finaning Target IndustriesGeographial
Fous
E+C
>5
>$15
$5,$5,
D (58 )85%
Q-q 15%
C gA, A,
L A
SEAF< $
$1,$5
DEq
Q-qA
E E,L A, A
R C1
$5,$5,
S (81 ) 8%
Lg (5 ) %
CN
BC
Mx C A
Ag51
$5,$5,
Eq 5%D +
5%A C A
AL
$5,$15
D 5%Eq 5%
A
I, P,, K,
S A, Ug Eg
B
P SA N/A
$5,
$1
D+
D++q
A, x
g
S A
Mq
A N/AAg
$3$4 Eq
Q-qA
C A,A, S E A
KWL
1
,5,
EqD
Mg
AA, A, LA, E
C E
IFC (GBI) N/A$5,$35,
G, ,q, q-
q
g
AA, A, LA, E
C E
GEXSI N/A1,5,
D Eq
Hg, ,g,,
w g,
A, A L A
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he German Marshall Fund o the United States32
Although there
is a strong
correlation
between the size
of the SME sector
and economicgrowth, whether
SMEs cause
growth or the
conditions where
SMEs thrive helps
drive growth is
debated.
Is direct SME financing an effective tool toalleviate poverty?
SME
g g g
g g SME Hw,
w g g
g SME g
gw w
Ag g
w SME
gw, w SME gw
w SME gw 3 P SME
I
w g w,
g
w g gw,
Ag g
, g
g
g g S
, g,
g
A q, w, w
w g
W : g
SME E+C,
Ag, R C, KW,
SME gw g g ggg
-
B P, SEAF, A, A? A
g w
, SEAF 31
g
g (g ggg) , ,
B g , SEAF
3 B, A Dg-K R L, SME, Gw P: C-C E,Journal of Economic Growth,1:3 (5): 199-9
31 SEAF, D I S M E-: L L SEAF I, F 4
Ag, R C w g
w
x
w
Can MFIs help with financing SMEs from the
bottom up?
Bgg g
gg , q
w
P
g w g
, MFI g
W g-
SME,
SME
g gw
w, g
B
1998 4 (Fg 13),
MFI M
gg MFI wg gg , $1,
$5, g, g SME
A x, P C,
F Ng, M B P, B
S B w g
I w g
g w g
g g (
gg , g
) Fg 14
BS g
S g
$1, $5,
g Ag ,
g
Ex
Future Challenges to Generating
Affordable Capital4
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises33
Microfinance ha
dispelled the my
that unsecured
loans cannot be
profitable.
g w B C P,
B C, B Mx S
g
MFI C, D B,
ABN A, S B C
g
g
M
, Ax S,
Ox C C R A
, x, g
gg3
M w w g
g g
g g
( ,
, , ) g
3 Iw w Ax S, M 1,
g w
g Nw g g
M g
C
,
g q,
g, ,
w
I ,
w MFI
x Ag
MFI NGO
, A
I g ( /
C D F I
g U S,
w- w)33
33 G Yg, B Z B S, Cg C, J W Egg D M: F -g Lw-I C, M I,J 3
Figure 13: Interest Rates on Microfinance Loans in Bolivia 19982004
Year
Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05
30%
28%
26%
24%
22%
20%
AnnualEffective
InterestRate
Source: Elisabeth Rhyne and Maria Otero,Microfinance Through the Next Decade: Visioning the Who, What, Where,
When and How. Accin International. Global Microcredit Summit, 2006.
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Cumsan hendio
con vullaorem
zzrilit laorting
el do exer si tin
ulputem iure
velendrer sequat.Ummy nissis eum
dolummy nullaor
amconsecte
exercilisl ut
vullandio odo
he German Marshall Fund o the United States34
Is technical assistance a key to success or awaste of resources?
V g
g
,
gw , g g
,
I g
, g
, g
w g g
Ag P, w g
x
Ng,
g,
B P S A Hw, w g
F x, M K,
F P S D
W B I F
C,
xg
E
q w x
, K I w w,
w
34 S , , g
D Sg MR,
w H g g MFI
-199, g
34 I
Figure 14: BancoSol Diversified Product Offerings (19972006)
Source: Elisabeth Rhyne and Maria Otero,Microfinance Through the Next Decade: Visioning the Who, What, Where,
When and How. Accin International. Global Microcredit Summit, 2006.
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises35
The conclusion
reached by many
institutions was
that technical
assistance was
not needed. If it
were, clients wou
have been willing
to pay for it.
g q Ag
MFI w g
,
g
w
w I w, w
wg , Sg35
H g ,
w x
, g,
O g ,
g g
g SME SME
How can the full capital spectrum be utilized?
D g g gg
SME,
- xg
w
(Fg 15)
x
E
SME g g w :
35 Iw w D Sg, M 15,
Gg g g
( )
w g,
g ;
D g g-
(PRI),36 , g
, q-g ,
, g;
P q g /
g g, -- g,x g, gg,
w;
A g g
q, g , ,
g, , --
- 3
I w
SME,
A x
q w ( 3) B g
g
36 Pg- w x
3 A D P C, (Ex C)
Spectrum of Investors
TraditionalInstitutional
Capital(Banks,
Mutual Funds,Pension
Funds, Etc.)
SociallyResponsibleInvestment
Funds
AngelInvestors
andSocial
VentureCapital
CommunityDevelopment
Equity/ VC
CommunityDebt
Financing
VenturePhilanthropy
TraditionalPhilanthropy
Social Equity Investors Private Equity Investors
Source: Jed Emerson (Generation Investment Management) and Shari Berenbach (Calvert Foundation), 2006.
Figure 15: Spectrum of Investors
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Cumsan hendio
con vullaorem
zzrilit laorting
el do exer si tin
ulputem iure
velendrer sequat.Ummy nissis eum
dolummy nullaor
amconsecte
exercilisl ut
vullandio odo
he German Marshall Fund o the United States36
, , q
q-q
, w g g
g , g
M,
g g g g
q g g
Hw, w q g
g x :
w x
q SME w g
, x, w
gg w
g- g 38
C, g ,
w g w, , x
x w A
SME g E B
R D (EBRD)
gg E E w
w
$5 39 A, q-q
38 J L A S, P Eq DgW: T D S, NBER W-g P, 5 S gw -f g N I Economics in Peacemaking:Lessons from Northern Ireland, T P , M
39 A P J S, V C D-, D P, P Bg BR: P S Fg Ag GP, Ag 4, 5; A P J S, S B,Milken Institute Review, /5:9-94
q SME gg
4
xg SME q
g
: g g (g
Sw), g (g
A C
L), (g SIDBI V C
L)
g SME
g q q-
q $, (A I MV
C F) $5 (A
C L) M g q-q, q,
w g, ,
--, G
x
g
Should commercial rates prevail?
g U
N M D G (MDG)
g
$1 15 P , ,
g
g SME g
F x
4 I
Table 3: The Capital Spectrum from Equity to Debt: Quasi-Equity Instruments
C S D:1. A w
R F:2. A g
L-Tm D w W:3. A g- w
g
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ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises37
According to
Matthew Gamser
IFCs SME progra
manager, the vas
majority of small
businesses aroun
the world simply
need plain bank
lending.
/ ,
w, g
g I
g g
w
w,
Sg O
g x w
41
g M K Ig
g ,
A
; , K ,
4
E w x ,
q
D DOEN
F, x, x g
gg , q
- w
Can commercial banks be wooed
to go downstream?
Ag Mw G, IFC SME g
g,
w
g43 E g w
wg x
g
; w g
x g
g
41 Iw w D Sg, M 15,
4 Iw w M K, A 3,
43 Iw w Mw G, A 16,
g 44
I Bg, x, q SME
GDP
, q w
, w, IFI, NGO
g
g SME
w
SME
x
Lw g
, g -w , -g
, , w
, g
g,
, w
SME
g45
B II q
w SME
g g 46
Ag K, W
B Dg B
g g
g g
4 15
g I g
,
, g ,
, w
gg , g
g
44 B, A Dg-K M S M PBg S E? B B A U A W, W B, Wg P, D6
45 I
46 S G-J & S S, 3 B II Dg C: D P E,L S E, FMG D P 43,F M G
4 Iw w M K, A 3,
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
42/48
he German Marshall Fund o the United States38
This is above
all an institution
building challenge:
how to build
the loan officer
skills and theorganizational
structures to take
decentralized
risk-based credit
decisions.
w Ag K, NGO
g g
w
O g g
,
w PC
Hg, , SME
g w g
gg g g,
w g
g g:w
g
- , H Ax,
gg PC 48 A w
g (g
),
( g), g
q g ,
( gg
), (gg
)
x w SME
Can credit scoring improve the access to
capital?
Rg g, ,
g
g g
g
w g w
B ,
g
I g , ,
-,
48 Iw w H Ax, M 8,
49
g g
g , g
g -g , g
(, )
g A -
g ,
w 5
C g g
w g
Hw,
g g g -g F x,
MFIC w
g U S
g g
w g (g, g,
I g, PDA g) w
M g q
g
q
g g g
w x
g
49 M B, g Dw O P: Lg SEx-Lg I O, B D-: T P P P, I FC F A E C,6; A G, C, C M: T N D I Sg Exg, CM M M S (), T H NwI E, Nw, M: Kw A, 5
5 M F, I G L C M- F, B D: P P P, I F C F A E C, 6
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
43/48
Iriuscidunt verci
tinciduisi. Lis ad
elessi. Um alis
dolor si. Ing eum
dolorem nullaor
tionseq uipsum
ipsusto dolore
feum quiscil iscil
er si et vent amc
ad dio eum vel
ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises39
- SME
g M, ,
w g
, g SME
Hw, w -
g SME g
US E w g
w g SME
, ,
wg
xg w ,
, N-S w q
g
, g,
, g , I ,
g, g g
g w
Lgg
g -
x
g, ,
wg -g g SME
Conclusion
5
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
44/48
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
45/48
Iriuscidunt verci
tinciduisi. Lis ad
elessi. Um alis
dolor si. Ing eum
dolorem nullaor
tionseq uipsum
ipsusto dolore
feum quiscil iscil
er si et vent amc
ad dio eum vel
ransatlantic Innovations in Aordable Capital
or Small- and Medium-Sized Enterprises41
List of Interviewees
H Ax
Mgg D
ProCredit
C B
C M A
Acumen
S C
S Mg Sg
JSE Securities Exchange South Africa
C E-Sg
D Ex D
E+Co
W F
P
Root Capital
Aw G
Mgg P
DeRisk
Mw GSME Pg Mg
International Finance Corporation (IFC)
P G
Mg SME-F
BIO
S G
Mgg P
BTS Investment Advisors Limited
R J
Fw
Skoll Foundation
D K
Fg Ex D
Shared Interest
M K
V P F
P S D
IFC/World Bank
A M
G Mg
Deutsche Bank
M M
P A
Acumen Fund
B MN
P CEO
TechnoServe
A P
Mgg D
Greycroft, LLC
B Pw
Mgg P
Agora Partnerships
P R
F, S E F C
Institute for Financial Management and Research
A R
H, D I S
GEXSI
K S
Ex V P COO
Microfinance International Corporation (MFIC)
Appendix
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
46/48
Cumsan hendio
con vullaorem
zzrilit laorting
el do exer si tin
ulputem iure
velendrer sequat.Ummy nissis eum
dolummy nullaor
amconsecte
exercilisl ut
vullandio odo
he German Marshall Fund o the United States42
J SwMgg D
Business Partners South Africa
K S
E A O
United Nations
Ax S
P F
OmtrixINC
J S
F DDOEN Foundation
N S
Pg Mg
IntEnt
S MP A
d.o.b. Foundation
B V
P CEO
SEAF
D Sg
F P
MicroRate
K W
DBusiness in Development Network/NCDO
E W
D C F S
KfW
8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
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8/8/2019 Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based
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O F F I c E S
W B B P
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