This report is the second of a unique study assessing whether, by enabling small and medium enterprise (SME) lending, the Loans for Growth (LFG) impact fund fosters job creation, employment and entrepreneurship, ultimately helping to advance towards Sustainable Development Goals (SDGs) in emerging and frontier markets.

The study, conducted over four years until 2020, set out to measure the progress of SMEs in 12 low- and middle-income countries in terms of employment growth, employment conditions, total assets and profitability.