As members of CSAF, we collaborate on a pre-competitive basis to share learning and promote the development of a vibrant capital market serving small- and medium-sized agricultural enterprises trapped in the “missing middle” — too large for microfinance but considered too small and too risky by commercial banks — for the ultimate benefit of agricultural businesses and the farmers they reach. This annual report shares our progress, explores opportunities for expanding the market to reach more of the missing middle, and notes the challenges and risks to doing so.
