Among the pre-investment support needs for SMEs, the project has found that: i) most SMEs lack an Environmental and Social Management System that allows them to monitor and manage risks, which is highly appreciated by impact inventors; ii) likewise, most SMEs have not designed an impact framework that identifies their key positive environmental and social impacts and allows them to build a baseline and implement a monitoring mechanism; iii) adaptation SMEs are commonly in need working capital as they want to continue or enhance smallholder farmer engagement though their initiatives which in time-consuming and demanding. Therefore, the project tries to include these activities in the pre-investment work plans with the SMEs.

In terms of learnings, the project has found that: i) some SMEs struggle (have low internal) capacity) to implement the activities established by the work plan for the support provided, so a balance between the goals of the support and the capacity of the SMEs is needed; ii) SMEs in LDCs are commonly at an earlier business stage and require additional support in order to meet the maturity and size requirements of most impact investors, which translates into the need for more philanthropic and/or public-based funding; iii) setting a target for supporting women-led SMEs instead of women-owned SMEs brings a wider perspective of how they can promote positive gender dynamics through their business model; iv) keeping in touch with the existing impact investment networks in the regions is very valuable as they may provide leads and opportunities that don’t fall under their scope but can be interesting for the project, supporting the sourcing process which demand a high effort; v) direct calls are often more effective than applications, offer sheets, pitches, or other documents, to bridge the gap in what people understand when they are asked about resilience and resilience enhancing practices. Personal conversations help convey and understand the real impacts on the ground and the story behind them.