To Serve the Poorest Clients, Earned Income Isn't Enough

The recent explosion of interest in impact investing has generated much talk about breaking the shackles of the traditional philanthropic model. The concept seems appealing — incremental investment enters the “social impact” market in the form of below-market loans or equity, incenting mission-driven organizations to become self-sustaining. But is that realistic when you’re serving the poorest of the poor? In this white paper we highlight how grant funding provides much-needed support.