Very small enterprises (VSEs) in Latin America and the Caribbean (LAC) represent a broad and heterogeneous segment, often underserved by formal financial institutions. To respond to this gap, many microfinance institutions (MFIs) are starting to move upmarket to serve small and medium enterprises, and in particular, VSEs. However, there has been little research or documentation of their experiences to date. This article presents the results of a recent study of the existing practices in Latin America of MFIs serving VSEs. The keys to entering the VSE market effectively, are that an MFI has appropriate infrastructure to expand upmarket and that it strikes an appropriate balance between risk management and an institution's commercial goals. This can be difficult, particularly if MFIs underestimate the need to adapt their commercial strategy, credit methodology, hiring and training practices, risk management, and financing strategies. Further, the interviewed institutions are recent entrants to the VSE space and the macroeconomic context in most of their countries has been favourable to microenterprise and VSE growth, which may buffer VSEs and the institutions that serve them. As such, their models have not really been fully tested and the lessons drawn from their experiences are evolving.

Asociacion de Supervisores Bancarios de las Americas (2012) How to Contribute to Financial Inclusion: Inventory of Products and Services Available in the Region [pdf] ASBA, <www.asbaweb.org/E-News/enews-32/INC%20FNAN/1%20INC%20FNAN.pdf≯ [accessed 4 August 2014]. www.asbaweb.org/E-News/enews-32/INC%20FNAN/1%20INC%20FNAN.pdf

Banco Central de Reserva del Peru (2012) Reporte de Estabilidad Financiera [pdf], Banco Central de Reserva del Peru <www.bcrp.gob.pe/docs/Publicaciones/Reporte-Estabilidad-Financiera/ref-noviembre-2013.pdf≯ [accessed 4 August 2014]. www.bcrp.gob.pe/docs/Publicaciones/Reporte-Estabilidad-Financiera/ref-noviembre-2013.pdf

Beck, T., Demirgüç-Kuntz, A., and Soledad Martinez Peria, M. (2008) Banking Financing for SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices [pdf], World Bank Policy Research Working Paper 4785 <http;//elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-4785≯ [accessed 4 August 2014]. http;//elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-4785

CGAP (2011) ‘Role of MFIs in Serving Small Enterprises’, Industry Survey [online] <www.cgap.org/data/role-mfis-serving-small-enterprises≯ [accessed 4 August 2014]. www.cgap.org/data/role-mfis-serving-small-enterprises

CGAP (2012) Financing Small Enterprises: What Role for MFIs? [pdf] Focus Note No. 81, CGAP <www.cgap.org/sites/default/files/CGAP-Focus-Note-Financing-Small-Enterprises-What-Role-for-Microfinance-Jul-2012.pdf≯ [accessed 4 August 2014]. www.cgap.org/sites/default/files/CGAP-Focus-Note-Financing-Small-Enterprises-What-Role-for-Microfinance-Jul-2012.pdf

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity [pdf] McKinsey & Company <http;//mckinseyonsociety.com/downloads/reports/Economic-Development/MSME-Emerging-Market-Banking-report.pdf≯ [accessed 4 August 2014]. http;//mckinseyonsociety.com/downloads/reports/Economic-Development/MSME-Emerging-Market-Banking-report.pdf

De la Torre, A., Peria, M., Schmukler, S. (2008) Banking Involvement with SMEs: Beyond Relationship Lending, Washington, DC: World Bank.

Ernst & Young (2013) Technical Note on the Verification of IFC's SME Loan Size Proxies, Washington, DC: International Finance Corporation.

Ferranti, D. and Ody, A. (2007) Beyond Microfinance: Getting Capital to SMEs to Fuel Faster Development [pdf], Policy Brief 159, Brookings Institution <www.brookings.edu/~/media/research/files/papers/2007/3/development%20de%20ferranti/pb159.pdf≯ [accessed 4 August 2014]. www.brookings.edu/~/media/research/files/papers/2007/3/development%20de%20ferranti/pb159.pdf

Gibson, T. and van der Vaart, H.J. (2008) A Less Imperfect Way of Defining Small and Medium Enterprises in Developing Countries, Washington, DC: Brookings Institution.

Gonzales, A. (2012) Are Non-Microenterprise Loans Less Resilient to Domestic Shocks? Lessons from the 2009 Economic Recession [pdf], Microfinance Information Exchange <www.themix.org/sites/default/files/MBB-Formalization%20Paper.pdf≯ [accessed 4 August 2014]. www.themix.org/sites/default/files/MBB-Formalization%20Paper.pdf

GTZ. (2012) Upscaling: Enhancing Access to SME Credit, SMEDSEP, Information Brief 5 <www.businessenvironment.org/dyn/be/docs/114/SMEDSEPGP5-UpscalingSMECredit.pdf≯ [accessed 4 August 2014]. www.businessenvironment.org/dyn/be/docs/114/SMEDSEPGP5-UpscalingSMECredit.pdf

Hinton, P. (2010) Developing SMEs: A Case Study in Transformational Development [PowerPoint presentation] SDG.

IDB (2012) Las PYMES de America Latina y el Caribe: Un Negocio Estrategico para los Bancos de la Region, 5th Regional Survey in Latin America and the Caribbean, Washington, DC: IDB.

IFC (2009) SME Banking and Knowledge Guide, Washington, DC: IFC.

IPC (2011) IPC Guide for Small Business Lending, Washington, DC: IDB.

Khrystyna, K., Mirmulstein, M. and Ramalho, R. (2010) Micro, Small, and Medium Enterprises around the World: How Many Are There, and What Affects the Count? Washington, DC: IFC and World Bank.

Kim, W.C. and Mauborgne, R. (2005) Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant, Cambridge, MA: Harvard Business Press.

Leeds, R. (2003) Financing Small SMEs in Developing Countries: Learning from Experience, Ardsley, NY: Transnational Publishers.

OECD (2006) Financing SMEs and Entrepreneurs, Paris: OECD.

OECD, SME and Entrepreneurship Division (2006) The SME Financing Gap, Volume I, Theory and Evidence SMEs, Paris: OECD.

Rojas-Suarez, L. (2007) Promoting Access to Financial Services: What does Data about Bancarization in Latin America Tell us? Bogotá, Colombia: FELEBAN.

Sia, M. and Nails, D. (2008) Winning Strategies for Successful Small Business Lending, Exchanging Views Series #6. ShoreCap Exchange: Chicago, IL

Stein, P., Goland, T. and Schiff, R. (2010) Two Trillion and Counting: Assessing the Credit Gap for MSME in the Developing World [pdf] IFC and McKinsey & Company <www.mspartners.org/download/Twotrillion.pdf≯ [accessed 4 August 2014]. www.mspartners.org/download/Twotrillion.pdf

Titelman, D. (2011) Financiamiento en Costa Rica: miro, peque�a y mediana empresa. Qué nos dice la demanda? Santiago, Chile: CEPAL.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: Sector data 2013, Washington, DC: IDB.

UNCTAD. (2001) Growing Micro and Small Enterprises in LDCs. The Missing Middle in LDCs. Why micro and small enterprises are not growing. UNCTAD/ITE/TEB/5.

UNDP (2004) Unleashing Entrepreneurship: Making Business Work for the Poor: Commission on the Private Sector and Development [pdf], UNDP <http;//web.undp.org/cpsd/documents/report/english/fullreport.pdf≯ [accessed 19 August 2014]. http;//web.undp.org/cpsd/documents/report/english/fullreport.pdf

UNDP (2008) Creating Value for All: Strategies for Doing Business With the Poor, New York: UNDP.

USAID (2009) Enabling SME Access to Finance, FS Series #4, New York: UNDP.

World Business Council for Sustainable Development (2007) Promoting SME for Sustainable Development, The Hague, Netherlands: SNV; Geneva, Switzerland: WBCSD.

GMS-BF, ‘SME Finance Presentations’ [online] <www.gmsbizforum.com/show.php?id=137≯ [accessed 4 August 2014]. www.gmsbizforum.com/show.php?id=137

IFC, ‘MSME Country Indicators’ [online], IFC <www.ifc.org/wps/wcm/connect/Industry_ EXT_Content/IFC_External_Corporate_Site/Industries/Financial+Markets/msme+finance/sme+banking/msme-countryindicators≯ [accessed 4 August 2014]. www.ifc.org/wps/wcm/connect/Industry_ EXT_Content/IFC_External_Corporate_Site/Industries/Financial+Markets/msme+finance/sme+banking/msme-countryindicators

IFC, ‘SME Finance Forum’ [online] <www.smefinanceforum.org≯ [accessed 4 August 2014]. www.smefinanceforum.org

IFC, ‘SME Toolkit’ [online] <www.smetoolkit.org≯ [accessed 4 August 2014]. www.smetoolkit.org

World Bank (2003) ‘Small and Medium Enterprises: Overcoming Growth Constraints’, dataset [online] <http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,conten tMDK:20539875~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html≯ [accessed 4 August 2014]. http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,conten tMDK:20539875~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html

World Bank Enterprise Survey of Business Managers, ‘Bolivia (2010)’, [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/bolivia≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/bolivia

World Bank Enterprise Survey of Business Managers, ‘Colombia (2010)’ [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/colombia≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/colombia

World Bank Enterprise Survey of Business Managers, ‘Ecuador (2010)’ [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/ecuador≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/ecuador

World Bank Enterprise Survey of Business Managers, ‘Peru (2010)’ [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/peru≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/peru

Asociacion de Supervisores Bancarios de las Americas (2012) How to Contribute to Financial Inclusion: Inventory of Products and Services Available in the Region [pdf] ASBA, <www.asbaweb.org/E-News/enews-32/INC%20FNAN/1%20INC%20FNAN.pdf≯ [accessed 4 August 2014]. www.asbaweb.org/E-News/enews-32/INC%20FNAN/1%20INC%20FNAN.pdf

Banco Central de Reserva del Peru (2012) Reporte de Estabilidad Financiera [pdf], Banco Central de Reserva del Peru <www.bcrp.gob.pe/docs/Publicaciones/Reporte-Estabilidad-Financiera/ref-noviembre-2013.pdf≯ [accessed 4 August 2014]. www.bcrp.gob.pe/docs/Publicaciones/Reporte-Estabilidad-Financiera/ref-noviembre-2013.pdf

Beck, T., Demirgüç-Kuntz, A., and Soledad Martinez Peria, M. (2008) Banking Financing for SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices [pdf], World Bank Policy Research Working Paper 4785 <http;//elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-4785≯ [accessed 4 August 2014]. http;//elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-4785

CGAP (2011) ‘Role of MFIs in Serving Small Enterprises’, Industry Survey [online] <www.cgap.org/data/role-mfis-serving-small-enterprises≯ [accessed 4 August 2014]. www.cgap.org/data/role-mfis-serving-small-enterprises

CGAP (2012) Financing Small Enterprises: What Role for MFIs? [pdf] Focus Note No. 81, CGAP <www.cgap.org/sites/default/files/CGAP-Focus-Note-Financing-Small-Enterprises-What-Role-for-Microfinance-Jul-2012.pdf≯ [accessed 4 August 2014]. www.cgap.org/sites/default/files/CGAP-Focus-Note-Financing-Small-Enterprises-What-Role-for-Microfinance-Jul-2012.pdf

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity [pdf] McKinsey & Company <http;//mckinseyonsociety.com/downloads/reports/Economic-Development/MSME-Emerging-Market-Banking-report.pdf≯ [accessed 4 August 2014]. http;//mckinseyonsociety.com/downloads/reports/Economic-Development/MSME-Emerging-Market-Banking-report.pdf

De la Torre, A., Peria, M., Schmukler, S. (2008) Banking Involvement with SMEs: Beyond Relationship Lending, Washington, DC: World Bank.

Ernst & Young (2013) Technical Note on the Verification of IFC's SME Loan Size Proxies, Washington, DC: International Finance Corporation.

Ferranti, D. and Ody, A. (2007) Beyond Microfinance: Getting Capital to SMEs to Fuel Faster Development [pdf], Policy Brief 159, Brookings Institution <www.brookings.edu/~/media/research/files/papers/2007/3/development%20de%20ferranti/pb159.pdf≯ [accessed 4 August 2014]. www.brookings.edu/~/media/research/files/papers/2007/3/development%20de%20ferranti/pb159.pdf

Gibson, T. and van der Vaart, H.J. (2008) A Less Imperfect Way of Defining Small and Medium Enterprises in Developing Countries, Washington, DC: Brookings Institution.

Gonzales, A. (2012) Are Non-Microenterprise Loans Less Resilient to Domestic Shocks? Lessons from the 2009 Economic Recession [pdf], Microfinance Information Exchange <www.themix.org/sites/default/files/MBB-Formalization%20Paper.pdf≯ [accessed 4 August 2014]. www.themix.org/sites/default/files/MBB-Formalization%20Paper.pdf

GTZ. (2012) Upscaling: Enhancing Access to SME Credit, SMEDSEP, Information Brief 5 <www.businessenvironment.org/dyn/be/docs/114/SMEDSEPGP5-UpscalingSMECredit.pdf≯ [accessed 4 August 2014]. www.businessenvironment.org/dyn/be/docs/114/SMEDSEPGP5-UpscalingSMECredit.pdf

Hinton, P. (2010) Developing SMEs: A Case Study in Transformational Development [PowerPoint presentation] SDG.

IDB (2012) Las PYMES de America Latina y el Caribe: Un Negocio Estrategico para los Bancos de la Region, 5th Regional Survey in Latin America and the Caribbean, Washington, DC: IDB.

IFC (2009) SME Banking and Knowledge Guide, Washington, DC: IFC.

IPC (2011) IPC Guide for Small Business Lending, Washington, DC: IDB.

Khrystyna, K., Mirmulstein, M. and Ramalho, R. (2010) Micro, Small, and Medium Enterprises around the World: How Many Are There, and What Affects the Count? Washington, DC: IFC and World Bank.

Kim, W.C. and Mauborgne, R. (2005) Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant, Cambridge, MA: Harvard Business Press.

Leeds, R. (2003) Financing Small SMEs in Developing Countries: Learning from Experience, Ardsley, NY: Transnational Publishers.

OECD (2006) Financing SMEs and Entrepreneurs, Paris: OECD.

OECD, SME and Entrepreneurship Division (2006) The SME Financing Gap, Volume I, Theory and Evidence SMEs, Paris: OECD.

Rojas-Suarez, L. (2007) Promoting Access to Financial Services: What does Data about Bancarization in Latin America Tell us? Bogotá, Colombia: FELEBAN.

Sia, M. and Nails, D. (2008) Winning Strategies for Successful Small Business Lending, Exchanging Views Series #6. ShoreCap Exchange: Chicago, IL

Stein, P., Goland, T. and Schiff, R. (2010) Two Trillion and Counting: Assessing the Credit Gap for MSME in the Developing World [pdf] IFC and McKinsey & Company <www.mspartners.org/download/Twotrillion.pdf≯ [accessed 4 August 2014]. www.mspartners.org/download/Twotrillion.pdf

Titelman, D. (2011) Financiamiento en Costa Rica: miro, peque�a y mediana empresa. Qué nos dice la demanda? Santiago, Chile: CEPAL.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: Sector data 2013, Washington, DC: IDB.

UNCTAD. (2001) Growing Micro and Small Enterprises in LDCs. The Missing Middle in LDCs. Why micro and small enterprises are not growing. UNCTAD/ITE/TEB/5.

UNDP (2004) Unleashing Entrepreneurship: Making Business Work for the Poor: Commission on the Private Sector and Development [pdf], UNDP <http;//web.undp.org/cpsd/documents/report/english/fullreport.pdf≯ [accessed 19 August 2014]. http;//web.undp.org/cpsd/documents/report/english/fullreport.pdf

UNDP (2008) Creating Value for All: Strategies for Doing Business With the Poor, New York: UNDP.

USAID (2009) Enabling SME Access to Finance, FS Series #4, New York: UNDP.

World Business Council for Sustainable Development (2007) Promoting SME for Sustainable Development, The Hague, Netherlands: SNV; Geneva, Switzerland: WBCSD.

GMS-BF, ‘SME Finance Presentations’ [online] <www.gmsbizforum.com/show.php?id=137≯ [accessed 4 August 2014]. www.gmsbizforum.com/show.php?id=137

IFC, ‘MSME Country Indicators’ [online], IFC <www.ifc.org/wps/wcm/connect/Industry_ EXT_Content/IFC_External_Corporate_Site/Industries/Financial+Markets/msme+finance/sme+banking/msme-countryindicators≯ [accessed 4 August 2014]. www.ifc.org/wps/wcm/connect/Industry_ EXT_Content/IFC_External_Corporate_Site/Industries/Financial+Markets/msme+finance/sme+banking/msme-countryindicators

IFC, ‘SME Finance Forum’ [online] <www.smefinanceforum.org≯ [accessed 4 August 2014]. www.smefinanceforum.org

IFC, ‘SME Toolkit’ [online] <www.smetoolkit.org≯ [accessed 4 August 2014]. www.smetoolkit.org

World Bank (2003) ‘Small and Medium Enterprises: Overcoming Growth Constraints’, dataset [online] <http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,conten tMDK:20539875~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html≯ [accessed 4 August 2014]. http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,conten tMDK:20539875~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html

World Bank Enterprise Survey of Business Managers, ‘Bolivia (2010)’, [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/bolivia≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/bolivia

World Bank Enterprise Survey of Business Managers, ‘Colombia (2010)’ [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/colombia≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/colombia

World Bank Enterprise Survey of Business Managers, ‘Ecuador (2010)’ [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/ecuador≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/ecuador

World Bank Enterprise Survey of Business Managers, ‘Peru (2010)’ [online] World Bank <www.enterprisesurveys.org/Data/ExploreEconomies/2010/peru≯ [accessed 4 August 2014]. www.enterprisesurveys.org/Data/ExploreEconomies/2010/peru

Asociacion de Supervisores Bancarios de las Americas (2012) How to Contribute to Financial Inclusion: Inventory of Products and Services Available in the Region [pdf] ASBA, <www.asbaweb.org/E-News/enews-32/INC%20FNAN/1%20INC%20FNAN.pdf≯ [accessed 4 August 2014]. www.asbaweb.org/E-News/enews-32/INC%20FNAN/1%20INC%20FNAN.pdf

Banco Central de Reserva del Peru (2012) Reporte de Estabilidad Financiera [pdf], Banco Central de Reserva del Peru <www.bcrp.gob.pe/docs/Publicaciones/Reporte-Estabilidad-Financiera/ref-noviembre-2013.pdf≯ [accessed 4 August 2014]. www.bcrp.gob.pe/docs/Publicaciones/Reporte-Estabilidad-Financiera/ref-noviembre-2013.pdf

Beck, T., Demirgüç-Kuntz, A., and Soledad Martinez Peria, M. (2008) Banking Financing for SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices [pdf], World Bank Policy Research Working Paper 4785 <http;//elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-4785≯ [accessed 4 August 2014]. http;//elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-4785

CGAP (2011) ‘Role of MFIs in Serving Small Enterprises’, Industry Survey [online] <www.cgap.org/data/role-mfis-serving-small-enterprises≯ [accessed 4 August 2014]. www.cgap.org/data/role-mfis-serving-small-enterprises

CGAP (2012) Financing Small Enterprises: What Role for MFIs? [pdf] Focus Note No. 81, CGAP <www.cgap.org/sites/default/files/CGAP-Focus-Note-Financing-Small-Enterprises-What-Role-for-Microfinance-Jul-2012.pdf≯ [accessed 4 August 2014]. www.cgap.org/sites/default/files/CGAP-Focus-Note-Financing-Small-Enterprises-What-Role-for-Microfinance-Jul-2012.pdf

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity [pdf] McKinsey & Company <http;//mckinseyonsociety.com/downloads/reports/Economic-Development/MSME-Emerging-Market-Banking-report.pdf≯ [accessed 4 August 2014]. http;//mckinseyonsociety.com/downloads/reports/Economic-Development/MSME-Emerging-Market-Banking-report.pdf

De la Torre, A., Peria, M., Schmukler, S. (2008) Banking Involvement with SMEs: Beyond Relationship Lending, Washington, DC: World Bank.

Ernst & Young (2013) Technical Note on the Verification of IFC's SME Loan Size Proxies, Washington, DC: International Finance Corporation.

Ferranti, D. and Ody, A. (2007) Beyond Microfinance: Getting Capital to SMEs to Fuel Faster Development [pdf], Policy Brief 159, Brookings Institution <www.brookings.edu/~/media/research/files/papers/2007/3/development%20de%20ferranti/pb159.pdf≯ [accessed 4 August 2014]. www.brookings.edu/~/media/research/files/papers/2007/3/development%20de%20ferranti/pb159.pdf

Gibson, T. and van der Vaart, H.J. (2008) A Less Imperfect Way of Defining Small and Medium Enterprises in Developing Countries, Washington, DC: Brookings Institution.

Gonzales, A. (2012) Are Non-Microenterprise Loans Less Resilient to Domestic Shocks? Lessons from the 2009 Economic Recession [pdf], Microfinance Information Exchange <www.themix.org/sites/default/files/MBB-Formalization%20Paper.pdf≯ [accessed 4 August 2014]. www.themix.org/sites/default/files/MBB-Formalization%20Paper.pdf

GTZ. (2012) Upscaling: Enhancing Access to SME Credit, SMEDSEP, Information Brief 5 <www.businessenvironment.org/dyn/be/docs/114/SMEDSEPGP5-UpscalingSMECredit.pdf≯ [accessed 4 August 2014]. www.businessenvironment.org/dyn/be/docs/114/SMEDSEPGP5-UpscalingSMECredit.pdf

Hinton, P. (2010) Developing SMEs: A Case Study in Transformational Development [PowerPoint presentation] SDG.

IDB (2012) Las PYMES de America Latina y el Caribe: Un Negocio Estrategico para los Bancos de la Region, 5th Regional Survey in Latin America and the Caribbean, Washington, DC: IDB.

IFC (2009) SME Banking and Knowledge Guide, Washington, DC: IFC.

IPC (2011) IPC Guide for Small Business Lending, Washington, DC: IDB.

Khrystyna, K., Mirmulstein, M. and Ramalho, R. (2010) Micro, Small, and Medium Enterprises around the World: How Many Are There, and What Affects the Count? Washington, DC: IFC and World Bank.

Kim, W.C. and Mauborgne, R. (2005) Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant, Cambridge, MA: Harvard Business Press.

Leeds, R. (2003) Financing Small SMEs in Developing Countries: Learning from Experience, Ardsley, NY: Transnational Publishers.

OECD (2006) Financing SMEs and Entrepreneurs, Paris: OECD.

OECD, SME and Entrepreneurship Division (2006) The SME Financing Gap, Volume I, Theory and Evidence SMEs, Paris: OECD.

Rojas-Suarez, L. (2007) Promoting Access to Financial Services: What does Data about Bancarization in Latin America Tell us? Bogotá, Colombia: FELEBAN.

Sia, M. and Nails, D. (2008) Winning Strategies for Successful Small Business Lending, Exchanging Views Series #6. ShoreCap Exchange: Chicago, IL

Stein, P., Goland, T. and Schiff, R. (2010) Two Trillion and Counting: Assessing the Credit Gap for MSME in the Developing World [pdf] IFC and McKinsey & Company <www.mspartners.org/download/Twotrillion.pdf≯ [accessed 4 August 2014]. www.mspartners.org/download/Twotrillion.pdf

Titelman, D. (2011) Financiamiento en Costa Rica: miro, peque�a y mediana empresa. Qué nos dice la demanda? Santiago, Chile: CEPAL.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: Sector data 2013, Washington, DC: IDB.

UNCTAD. (2001) Growing Micro and Small Enterprises in LDCs. The Missing Middle in LDCs. Why micro and small enterprises are not growing. UNCTAD/ITE/TEB/5.

UNDP (2004) Unleashing Entrepreneurship: Making Business Work for the Poor: Commission on the Private Sector and Development [pdf], UNDP <http;//web.undp.org/cpsd/documents/report/english/fullreport.pdf≯ [accessed 19 August 2014]. http;//web.undp.org/cpsd/documents/report/english/fullreport.pdf

UNDP (2008) Creating Value for All: Strategies for Doing Business With the Poor, New York: UNDP.

USAID (2009) Enabling SME Access to Finance, FS Series #4, New York: UNDP.

World Business Council for Sustainable Development (2007) Promoting SME for Sustainable Development, The Hague, Netherlands: SNV; Geneva, Switzerland: WBCSD.

GMS-BF, ‘SME Finance Presentations’ [online] <www.gmsbizforum.com/show.php?id=137≯ [accessed 4 August 2014]. www.gmsbizforum.com/show.php?id=137

IFC, ‘MSME Country Indicators’ [online], IFC <www.ifc.org/wps/wcm/connect/Industry_ EXT_Content/IFC_External_Corporate_Site/Industries/Financial+Markets/msme+finance/sme+banking/msme-countryindicators≯ [accessed 4 August 2014]. www.ifc.org/wps/wcm/connect/Industry_ EXT_Content/IFC_External_Corporate_Site/Industries/Financial+Markets/msme+finance/sme+banking/msme-countryindicators

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IFC, ‘SME Toolkit’ [online] <www.smetoolkit.org≯ [accessed 4 August 2014]. www.smetoolkit.org

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