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Welcome to the Publications Library! Here you will find a searchable index of reports, toolkits, research papers, and other resources relevant to the Small and Growing Business Sector. Sort by clicking on the relevant tags, or by typing in key words in the box below.


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Top tags: sector publication  impact investing  Entrepreneurship  ANDE publication  Access to Finance  Global  2018  Social entrepreneurship  women  Development  accelerators  Africa  Economic Growth  SGB  SME  impact evaluation  finance  India  latin america  GALI  2016  Agriculture  ecosystem  social enterprise  gender  SGBs  investors  social impact  2017  Environment 

Impact Investing in Latin America: Trends 2018-2019

Posted By Natalie Alm, Aspen Institute, Wednesday, September 23, 2020
Updated: Monday, September 14, 2020

This report aims to capture characteristics of the impact investing sector in Latin America over the past two years, based on a sample of impact investors active in the region. Through institution-level and deal-level data shared by these investors, this report gives a snapshot of where and how capital is being allocated and identifies challenges that the ecosystem faces. The report focuses on the region widely while taking a deeper dive into three of the region’s largest markets: Brazil, Colombia, and Mexico.



Read the report in English, Spanish, or Portuguese.

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Key takeaways:

  • Impact investors in Latin America continue to rely on traditional financing structures, with the vast majority using either debt or equity. Only 5% of deals and 2% of capital deployed in 2018-2019 used quasi-equity instruments.
  • There is significant capital going into smaller deals. Within the sample, most deals in 2018-2019 were for under USD $500,000.However, there remain relatively few deals specifically targeting early-stage ventures. This is because smaller ticket size deals tend to target smaller but well-established agricultural enterprises such as smallholder cooperatives, leaving a gap in financing for ventures that are both small and early stage.
  • Stakeholders often cite a lack of exits as a barrier to the growth of impact capital markets. This study shows that there have in fact been many successful exits for impact investments in Latin America, with investors reporting 16 exits in 2018-2019. These include strategic sales, buybacks, and acquisitions, in addition to 163 debt repayments.
  • About half of the investors in the study target market rate returns, while the other half are willing to take lower returns in exchange for greater impact, showing that the impact investment market contains significant diversity in terms of capital expectations and impact profiles.
  • Impact measurement has become commonplace, with 80% of investors measuring their impact. However, this continues to be done mostly through proprietary tools, with about a third using the standardized IRIS+ taxonomy. This leaves considerable room for growth in the use of standardized tools.

This report was made possible through support from Citibanamex, Fundação Grupo Boticário, Fundo Vale, and Institute for Corporate Citizenship (Instituto de Cidadania Empresarial, ICE).

Tags:  ANDE publication  impact investing  Latin America 

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Social Success Note Playbook

Posted By Antony Maina, Aspen Institute, Monday, September 7, 2020

Social Success Note Playbook

By ANDE India SGB Finance Learning Lab

As an output of the ANDE SGB Finance Learning Lab, ANDE India and Asha Impact have collaborated, with the support of SAP and platform partner UNDP SDG Finance Facility, to put together this playbook on Social Success Notes. SSNs are innovative financing mechanisms that aim to leverage commercial capital for social good. Aiming to be a functional tool for the entrepreneurial ecosystem, this playbook addresses the why, what and how of SSNs, along with a few case studies, challenges and opportunities revolving around these nascent financing tools. Especially in times of crisis, instruments such as SSNs have the potential to improve the efficacy of philanthropy and government spending. The playbook has been developed for impact investors, social entrepreneurs, outcome funders and other players in the impact ecosystem.

Read the full report here.

Tags:  ANDE publication  india; ANDE members 

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Reactivación de MiPyMEs latinoamericanas frente a la crisis del COVID-19

Posted By Anna Santiago, Aspen Institute, Thursday, August 27, 2020

Reactivación de MiPyMEs latinoamericanas frente a la crisis del COVID-19

Por ANDE y VIVA Idea

A causa de la crisis provocada por el COVID-19, las expectativas de falla generalizada entre las Micro, Pequeñas y Medianas Empresas (MiPyMEs) en el mundo eran muy altas. Ante este escenario, el capítulo de Centroamérica y México de ANDE, en colaboración con VIVA Idea, Nauta y la alianza de Emprendedores frente al COVID-19, hicieron un esfuerzo para indagar la situación de las MiPyMEs latinoamericanas. Este reporte presenta el escenario tras algunas semanas de haber dado inicio la emergencia sanitaria y especialmente, las medidas de distanciamiento social y un escenario, transcurridos algunos meses, que permite evaluar cuáles han sido los retos más grandes a los que las MiPyMEs se han enfrentado y cuáles son sus necesidades para la construcción de una economía resiliente.

Lee el reporte en español aquí.


Reactivation of Latin American MSMEs in the face of the COVID-19 crisis

Due to the crisis caused by COVID-19, the expectations of widespread failure among Micro, Small and Medium Enterprises (MSMEs) in the world were very high. Faced with this scenario, ANDE's Central America and Mexico chapter, in collaboration with VIVA Idea, Nauta and the alliance Emprendedores frente al COVID-19, made an effort to investigate the situation of Latin American MSMEs. This report presents the scenario after a few weeks of having started the health emergency and especially, the social distancing measures and a scenario, after a few months, that allows evaluating what have been the greatest challenges that MSMEs have faced and what are their needs for building a resilient economy.

Read the report in Spanish here.

Tags:  ANDE publication  COVID-19  Latin America 

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State of the Small & Growing Business Sector 2019

Posted By Laura Denick, Aspen Institute, Wednesday, August 5, 2020
Updated: Tuesday, August 4, 2020

State of the Small & Growing Business Sector 2019 

By Aspen Network of Development Entrepreneurs 

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.


Selected insights from this year’s report:

  • In 2019, ANDE members continued to provide critical support for SGBs, building capacity for 190,000 SGBs around the world. Capacity development delivered by ANDE members in 2019 focused largely on business strategy and planning support and creating access to networks and partners for SGBs.
  • ANDE identified 85 new SGB-inclusive investment vehicles providing capital for SGBs in Africa, Latin America, and South and Southeast Asia, with median target assets under management (AUM) of $35 million and committed capital to date of at least $2.9 billion.
  • There were at least three major catalytic capital activities launched in 2019, with a combined funding pool of $329 million, representing a success for organizations that have been pushing for this type of blended approach The role of catalytic capital will only increase as private investors reconsider their own strategies and expectations in light of COVID-19 and its consequences.
  • A greater portion of enterprise support funds were directed towards Latin America and the Caribbean in 2019 than in previous years, and support fell slightly in the Middle East and North Africa, South Asia, and Europe and Central Asia.

Read the full report in English here

Read the full report in Spanish here

Read the full report in Portuguese here

Tags:  ANDE publication  entrepreneurship ecosystems  SGBs; small and growing businesses impact investin 

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​ANDE South Africa Impact Measurement and Management Knowledge Brief

Posted By Laura Denick, Aspen Institute, Thursday, June 11, 2020

 ANDE South Africa Impact Measurement and Management Knowledge Brief 

By ANDE South Africa

Our ANDE SA Impact Management Knowledge Brief provides a summary and resources from the 'Impact Management for the South African social and creative enterprises sectors' project, in partnership with Social Value UK and supported by the British Council's DICE Fund. The project aimed to further understand the Impact Measurement and Management (IMM) landscape in South Africa, with a focus on social and creative enterprises. In the efforts to drive inclusivity and development, the project supported entrepreneurial support organisations that wanted to learn how to better measure and manage their impact and, in turn, support their entrepreneurs when using data to improve their decisions and performance, regardless of their level of exposure to IMM practices.

Read the full issue brief here


Tags:  ANDE publication  impact management  social enterprise  social impact  South Africa 

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ANDE West Africa Knowledge Brief: Impact Measurement and Management

Posted By Laura Denick, Aspen Institute, Monday, June 8, 2020

ANDE West Africa Knowledge Brief: Impact Measurement and Management

By ANDE West Africa and ETTP

This knowledge brief focuses on providing an understanding of how impact is defined by some organizations, what elements they take into consideration when designing an IMM strategy, why they measure impact, the upsides and downsides of standardization, challenges they face in measuring and managing impact, and how they utilize data to drive impact. 

 Read the full issue brief here


Tags:  ANDE publication  impact measurement  West Africa 

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COVID-19 Implications for Small and Growing Businesses: Emerging Evidence in India from the Entrepreneurial Ecosystem

Posted By Marine Hasson, Aspen Institute, Wednesday, May 27, 2020

COVID-19 Implications for Small and Growing Businesses: Emerging Evidence in India from the Entrepreneurial Ecosystem

By ANDE India

This issue brief is an addendum to the global COVID-19 issue brief published by ANDE. It summarizes the initial evidence emerging from the Indian entrepreneurial ecosystem, including challenges, risks, and needs that have arisen from the community, to help guide the response. The research for this brief was developed as part of the Global Inclusive Growth Partnership, a joint collaboration between the Aspen Institute and the Mastercard Center for Inclusive Growth.

Read the full issue brief.

Tags:  ANDE publication  COVID-19  India 

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Bringing a Gender Lens to Supporting Small and Growing Businesses: Insights from Brazil

Posted By Marine Hasson, Aspen Institute, Tuesday, May 19, 2020

Bringing a Gender Lens to Supporting Small and Growing Businesses: Insights from Brazil

By ANDE Brazil and IDS

The ANDE Brazil chapter and the Institute of Development Studies (IDS) created a joint knowledge brief to share lessons and innovations from the Brazilian ecosystem on bringing a gender lens to supporting Brazilian SGBs. It focuses on four key topics to catalyze thought leadership on gender inclusion and investing in Brazil: understanding biases; recognizing gender "intersects" with diversity issues; linking to investors; and attracting and retaining women in entrepreneur support programs.

Read the full brief in English here.

Read the full brief in Portuguese here.

Tags:  ANDE publication  Brazil  gender  Gender Lens Investing  SGBs 

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The Small and Growing Business Sector and the COVID-19 Crisis: Emerging Evidence on Key Risks and Needs

Posted By Anna Santiago, Aspen Institute, Monday, May 18, 2020

The Small and Growing Business Sector and the COVID-19 Crisis: Emerging Evidence on Key Risks and Needs

By ANDE and Dalberg

The effect of COVID-19 on economies around the world has been unprecedented. While evidence on this impact is only beginning to emerge, it is clear that the economic damage has been particularly severe for SGBs in emerging markets. This issue brief summarizes initial evidence regarding the impact of COVID-19 on SGBs and the SGB support sector more broadly in emerging markets. Read the brief, which summarizes current risks, impacts, and needs so that organizations and individuals who support SGBs can ensure more effective interventions.This report was prepared as part of the Aspen Partnership for an Inclusive Economy, with generous support from the initiative’s founding partner Mastercard.


Read the full issue brief (English).


Read the issue brief (Portuguese).


Read the June 2020 data addendum (English).


Read the June 2020 data addendum (Portuguese). 

Tags:  ANDE publication  COVID-19 

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Gender Equality in the SGB Sector: ANDE India Issue Brief

Posted By Marine Hasson, Aspen Institute, Friday, March 13, 2020

Gender Equality in the SGB Sector: ANDE India Issue Brief


This issue brief is a part of the series formulated by Aspen Network of Development Entrepreneurs’ (ANDE) India chapter. It aims to contextualize the findings and strategy outlined in ANDE’s global gender issue brief, for India, and to create a knowledge base connecting our urgent issues and the Small and Growing Business (SGB) sector at a regional level. This brief is a starting point for conversations on gender equality and is meant to help shape ANDE India’s strategy for the region.

Read the full issue brief here.

Tags:  ANDE publication  gender  India 

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