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The Missing Middle in Agricultural Finance: Relieving the capital constraint on smallhold groups and other agricultural SMEs

The Missing Middle in Agricultural Finance: Relieving the capital constraint on smallhold groups and other agricultural SMEs

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Published by Oxfam
Private-sector finance has made a start in filling this long-established gap, widened over the last decade as public-sector financing frameworks for small-scale agriculture have been withdrawn. However, the flow of capital to agricultural SMEs needs to be scaled up. This paper looks at the barriers to doing so.Both transaction costs and risks are high in lending to agricultural SMEs compared to microcredit, and returns are lower than in other sectors. More private capital will flow if there are competitive lenders and investors with the necessary local presence and understanding, and if the balance between risks and returns, net of costs, becomes more favourable.
Private-sector finance has made a start in filling this long-established gap, widened over the last decade as public-sector financing frameworks for small-scale agriculture have been withdrawn. However, the flow of capital to agricultural SMEs needs to be scaled up. This paper looks at the barriers to doing so.Both transaction costs and risks are high in lending to agricultural SMEs compared to microcredit, and returns are lower than in other sectors. More private capital will flow if there are competitive lenders and investors with the necessary local presence and understanding, and if the balance between risks and returns, net of costs, becomes more favourable.

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Published by: Oxfam on Apr 12, 2011
Copyright:Attribution Non-commercial

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07/06/2014

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The Missing Middle inAgricultural Finance
Relieving the capital constraint on smallholder groups and other agricultural SMEs
17 December 2009
 
OXFAMRESEARCHREPORT
 
 
Alan Doran, independent consultant on SMEfinanceNtongi McFadyen, independent managementconsultantDr Robert C. Vogel, independent financialsector consultant
Disclaimer 
This paper was written by Alan Doran, Ntongi McFadyen, and Robert Vogelwho were working as consultants to Oxfam GB. The views expressed in thetext and its recommendations are those of the authors. The authors takeresponsibility for any errors herein.
The Missing Middle in Agricultural Finance 
,Oxfam GB Research Report, December 2009
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