FSD Africa and Dutch entrepreneurial development bank FMO have launched the Manager Finance Facility (MFF), a funding initiative designed to help emerging Alternative Local Capital Providers (ALCPs) build viable investment vehicles and attract capital at scale. The facility provides flexible, returnable grant capital to fund managers developing financing models tailored to the realities of African small and growing businesses. ALCPs are developing approaches including revenue-based finance, flexible equity, venture debt and blended structures. While many have established investment theses and achieved early results, they often lack the track record, systems and...