Small and growing businesses create most new jobs in emerging economies. What it takes to help them scale — and why access to finance is only part of the answer.
Small and growing businesses are central to employment and innovation across Africa. Yet many remain stuck between micro-finance and the minimum ticket sizes of institutional investors — the so-called "missing middle".
Beyond access to finance
Capital matters, but so do market access, management capability, financial reporting and governance. Enterprises that grow sustainably usually strengthen these together.
What helps
- Patient capital matched to the enterprise's growth stage.
- Investment-readiness support before capital is sought.
- Value-chain linkages that provide reliable demand.
- Inclusive models that reach women- and youth-led businesses.
Enterprise growth that is commercially sound and widely shared is one of the most durable forms of impact.
StoneZero Investment Limited — perspectives on impact investment, sustainable finance and enterprise development.
