Mennonite Economic Development Associates (MEDA) was launched as an investment club in 1953 when a group of North American Mennonite business people joined together to support the development of communities in Paraguay, Uruguay, and Argentina. With their business background, this group of early ‘impact investors’ determined that they would provide loans to small to medium enterprises (SME) in order to catalyse sustainable economic growth. They offered the loans as high-risk venture capital and mitigated the risks with the provision of business coaching and technical assistance. Since those early days, MEDA and the SME investment fund managers which it has co-founded (Microvest and Sarona Asset Management) have continued to make impactful investments and to work towards a common development goal, ‘to help people help themselves’ (Fretz, 1978 : 19). This paper presents a case study of the 60-year ‘MEDA experiment’, (Fretz, 1978), describes specific activities and innovations, and identifies MEDA's learnings that have emerged from this SME investment experience.

ANDE (2012) Small and Growing Businesses: Investing in the Missing Middle for Poverty Alleviation [online]. <http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf≯ [accessed 22 September 2013]. http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf

Bannick, M. and Goldman, P. (2012) Priming the Pump: The Case for a Sector Based Approach to Impact Investing [online]. Omidyar Network. <http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf≯ [accessed December 4, 2014]. http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf

Field, M. and Schiff, M. (2011) Understanding Facilitation [online]. USAID Briefing Paper. <http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf≯ [accessed 23 July 2014]. http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf

Forbes (2014) “Doing Well by Doing Good” An online section of Forbes Magazine. <http://www.forbes.com/doing-well-by-doing-good/≯ [accessed 16 August 2014]. http://www.forbes.com/doing-well-by-doing-good/

Freireich, J. and Fulton, K. (2009) Investing for Environmental and Social impact [online]. Monitor Institute. <http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf≯ [accessed 5 December 2013]. http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf

Fretz, J. (1978) The MEDA Experiment. Waterloo: Conrad Press.

Global Impact Investing Network (GIIN) (2014) ‘About Impact Investing’ <http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html≯ [accessed 11 August 2014]. http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html

IDEO (2009) Human-Centered Design Toolkit [online]. IDEO. <http://www.ideo.com/work/human-centered-design-toolkit/≯ [accessed 2 December 2014]. http://www.ideo.com/work/human-centered-design-toolkit/

Jones, L. and Miehlbradt, A. (2009) ‘A 20/20 retrospective on enterprise development: In search of impact, scale and sustainability’, Enterprise Development and Microfinance Journal. 20 (4): 304-322.

Jones, L. and Pasricha, N. (2007) ‘Context sensitive product design: Reducing borrower and lender risk in rural and Ag finance’, SED Journal 18(2).

Jones, L. and Turner, K. (2014) ‘Big Challenges for Small Businesses’ in DAI section of the Guardian [online]. <http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business≯ [accessed 30 July 2014]. http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business

McKinsey & Co. (2014) Private Equity: Changing perceptions and new realities [online]. <http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404≯ [accessed 17 July 2014]. http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404

Mennonite Economic Development Associates (MEDA) (2003) MEDA at 50 - Anniversary Issue. MEDA's Marketplace Magazine. Winnipeg: MEDA.

MEDA (2011) Minutes of a Meeting of the Board of Directors. Internal communication. MEDA.

Pries, G. (2014) Personal communication, August 5, 2014 (Gerhard Pries, CEO of Sarona Asset Management and former CFO of MEDA).

Proparco (2011) Technical assistance, a development tool serving the private sector. Special issue of Proparco's Private Sector and Development Magazine. No. 11. Proparco. <http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance≯. http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance

Rockefeller Foundation (2013) Accelerating impact: Achievements, challenges and what's next in building the impact investing industry [online]. <http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf≯ [accessed 4 January 2014]. http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf

Stanford Social Innovation Review (SSIR) (2014) ‘Unpacking the impact in impact investing’ Stanford Social Innovation Review [online] <http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing≯ [accessed 12 August 2014]. http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing

World Economic Forum (2013) From the margins to the mainstream: Assessment of the impact investment sector and opportunities to engage mainstream investors [online]. World Economic Forum. <http://reports.weforum.org/impact-investment/≯ [accessed 4 January 2014]. http://reports.weforum.org/impact-investment/

ANDE (2012) Small and Growing Businesses: Investing in the Missing Middle for Poverty Alleviation [online]. <http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf≯ [accessed 22 September 2013]. http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf

Bannick, M. and Goldman, P. (2012) Priming the Pump: The Case for a Sector Based Approach to Impact Investing [online]. Omidyar Network. <http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf≯ [accessed December 4, 2014]. http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf

Field, M. and Schiff, M. (2011) Understanding Facilitation [online]. USAID Briefing Paper. <http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf≯ [accessed 23 July 2014]. http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf

Forbes (2014) “Doing Well by Doing Good” An online section of Forbes Magazine. <http://www.forbes.com/doing-well-by-doing-good/≯ [accessed 16 August 2014]. http://www.forbes.com/doing-well-by-doing-good/

Freireich, J. and Fulton, K. (2009) Investing for Environmental and Social impact [online]. Monitor Institute. <http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf≯ [accessed 5 December 2013]. http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf

Fretz, J. (1978) The MEDA Experiment. Waterloo: Conrad Press.

Global Impact Investing Network (GIIN) (2014) ‘About Impact Investing’ <http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html≯ [accessed 11 August 2014]. http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html

IDEO (2009) Human-Centered Design Toolkit [online]. IDEO. <http://www.ideo.com/work/human-centered-design-toolkit/≯ [accessed 2 December 2014]. http://www.ideo.com/work/human-centered-design-toolkit/

Jones, L. and Miehlbradt, A. (2009) ‘A 20/20 retrospective on enterprise development: In search of impact, scale and sustainability’, Enterprise Development and Microfinance Journal. 20 (4): 304-322.

Jones, L. and Pasricha, N. (2007) ‘Context sensitive product design: Reducing borrower and lender risk in rural and Ag finance’, SED Journal 18(2).

Jones, L. and Turner, K. (2014) ‘Big Challenges for Small Businesses’ in DAI section of the Guardian [online]. <http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business≯ [accessed 30 July 2014]. http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business

McKinsey & Co. (2014) Private Equity: Changing perceptions and new realities [online]. <http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404≯ [accessed 17 July 2014]. http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404

Mennonite Economic Development Associates (MEDA) (2003) MEDA at 50 - Anniversary Issue. MEDA's Marketplace Magazine. Winnipeg: MEDA.

MEDA (2011) Minutes of a Meeting of the Board of Directors. Internal communication. MEDA.

Pries, G. (2014) Personal communication, August 5, 2014 (Gerhard Pries, CEO of Sarona Asset Management and former CFO of MEDA).

Proparco (2011) Technical assistance, a development tool serving the private sector. Special issue of Proparco's Private Sector and Development Magazine. No. 11. Proparco. <http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance≯. http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance

Rockefeller Foundation (2013) Accelerating impact: Achievements, challenges and what's next in building the impact investing industry [online]. <http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf≯ [accessed 4 January 2014]. http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf

Stanford Social Innovation Review (SSIR) (2014) ‘Unpacking the impact in impact investing’ Stanford Social Innovation Review [online] <http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing≯ [accessed 12 August 2014]. http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing

World Economic Forum (2013) From the margins to the mainstream: Assessment of the impact investment sector and opportunities to engage mainstream investors [online]. World Economic Forum. <http://reports.weforum.org/impact-investment/≯ [accessed 4 January 2014]. http://reports.weforum.org/impact-investment/

ANDE (2012) Small and Growing Businesses: Investing in the Missing Middle for Poverty Alleviation [online]. <http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf≯ [accessed 22 September 2013]. http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf

Bannick, M. and Goldman, P. (2012) Priming the Pump: The Case for a Sector Based Approach to Impact Investing [online]. Omidyar Network. <http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf≯ [accessed December 4, 2014]. http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf

Field, M. and Schiff, M. (2011) Understanding Facilitation [online]. USAID Briefing Paper. <http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf≯ [accessed 23 July 2014]. http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf

Forbes (2014) “Doing Well by Doing Good” An online section of Forbes Magazine. <http://www.forbes.com/doing-well-by-doing-good/≯ [accessed 16 August 2014]. http://www.forbes.com/doing-well-by-doing-good/

Freireich, J. and Fulton, K. (2009) Investing for Environmental and Social impact [online]. Monitor Institute. <http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf≯ [accessed 5 December 2013]. http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf

Fretz, J. (1978) The MEDA Experiment. Waterloo: Conrad Press.

Global Impact Investing Network (GIIN) (2014) ‘About Impact Investing’ <http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html≯ [accessed 11 August 2014]. http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html

IDEO (2009) Human-Centered Design Toolkit [online]. IDEO. <http://www.ideo.com/work/human-centered-design-toolkit/≯ [accessed 2 December 2014]. http://www.ideo.com/work/human-centered-design-toolkit/

Jones, L. and Miehlbradt, A. (2009) ‘A 20/20 retrospective on enterprise development: In search of impact, scale and sustainability’, Enterprise Development and Microfinance Journal. 20 (4): 304-322.

Jones, L. and Pasricha, N. (2007) ‘Context sensitive product design: Reducing borrower and lender risk in rural and Ag finance’, SED Journal 18(2).

Jones, L. and Turner, K. (2014) ‘Big Challenges for Small Businesses’ in DAI section of the Guardian [online]. <http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business≯ [accessed 30 July 2014]. http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business

McKinsey & Co. (2014) Private Equity: Changing perceptions and new realities [online]. <http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404≯ [accessed 17 July 2014]. http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404

Mennonite Economic Development Associates (MEDA) (2003) MEDA at 50 - Anniversary Issue. MEDA's Marketplace Magazine. Winnipeg: MEDA.

MEDA (2011) Minutes of a Meeting of the Board of Directors. Internal communication. MEDA.

Pries, G. (2014) Personal communication, August 5, 2014 (Gerhard Pries, CEO of Sarona Asset Management and former CFO of MEDA).

Proparco (2011) Technical assistance, a development tool serving the private sector. Special issue of Proparco's Private Sector and Development Magazine. No. 11. Proparco. <http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance≯. http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance

Rockefeller Foundation (2013) Accelerating impact: Achievements, challenges and what's next in building the impact investing industry [online]. <http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf≯ [accessed 4 January 2014]. http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf

Stanford Social Innovation Review (SSIR) (2014) ‘Unpacking the impact in impact investing’ Stanford Social Innovation Review [online] <http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing≯ [accessed 12 August 2014]. http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing

World Economic Forum (2013) From the margins to the mainstream: Assessment of the impact investment sector and opportunities to engage mainstream investors [online]. World Economic Forum. <http://reports.weforum.org/impact-investment/≯ [accessed 4 January 2014]. http://reports.weforum.org/impact-investment/

ANDE (2012) Small and Growing Businesses: Investing in the Missing Middle for Poverty Alleviation [online]. <http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf≯ [accessed 22 September 2013]. http://www.aspeninstitute.org/sites/default/files/content/docs/ande/ANDE%20Literature%20Review%20-%20FINAL.pdf

Bannick, M. and Goldman, P. (2012) Priming the Pump: The Case for a Sector Based Approach to Impact Investing [online]. Omidyar Network. <http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf≯ [accessed December 4, 2014]. http://www.omidyar.com/sites/default/files/file_archive/insights/Priming%20the%20Pump_Omidyar%20Network_Sept_2012.pdf

Field, M. and Schiff, M. (2011) Understanding Facilitation [online]. USAID Briefing Paper. <http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf≯ [accessed 23 July 2014]. http://www.m4phub.org/userfiles/file/USAID%20Facilitation_Brief%20Jan%202012.pdf

Forbes (2014) “Doing Well by Doing Good” An online section of Forbes Magazine. <http://www.forbes.com/doing-well-by-doing-good/≯ [accessed 16 August 2014]. http://www.forbes.com/doing-well-by-doing-good/

Freireich, J. and Fulton, K. (2009) Investing for Environmental and Social impact [online]. Monitor Institute. <http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf≯ [accessed 5 December 2013]. http://www.monitorinstitute.com/downloads/what-we-think/impact-investing/Impact_Investing.pdf

Fretz, J. (1978) The MEDA Experiment. Waterloo: Conrad Press.

Global Impact Investing Network (GIIN) (2014) ‘About Impact Investing’ <http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html≯ [accessed 11 August 2014]. http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html

IDEO (2009) Human-Centered Design Toolkit [online]. IDEO. <http://www.ideo.com/work/human-centered-design-toolkit/≯ [accessed 2 December 2014]. http://www.ideo.com/work/human-centered-design-toolkit/

Jones, L. and Miehlbradt, A. (2009) ‘A 20/20 retrospective on enterprise development: In search of impact, scale and sustainability’, Enterprise Development and Microfinance Journal. 20 (4): 304-322.

Jones, L. and Pasricha, N. (2007) ‘Context sensitive product design: Reducing borrower and lender risk in rural and Ag finance’, SED Journal 18(2).

Jones, L. and Turner, K. (2014) ‘Big Challenges for Small Businesses’ in DAI section of the Guardian [online]. <http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business≯ [accessed 30 July 2014]. http://www.theguardian.com/global-development-professionals-network/dai-partner-zone/big-challenge-for-small-business

McKinsey & Co. (2014) Private Equity: Changing perceptions and new realities [online]. <http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404≯ [accessed 17 July 2014]. http://www.mckinsey.com/insights/financial_services/Private_equity_Changing_perceptions_and_new_realities?cid=other-eml-alt-mip-mck-oth-1404

Mennonite Economic Development Associates (MEDA) (2003) MEDA at 50 - Anniversary Issue. MEDA's Marketplace Magazine. Winnipeg: MEDA.

MEDA (2011) Minutes of a Meeting of the Board of Directors. Internal communication. MEDA.

Pries, G. (2014) Personal communication, August 5, 2014 (Gerhard Pries, CEO of Sarona Asset Management and former CFO of MEDA).

Proparco (2011) Technical assistance, a development tool serving the private sector. Special issue of Proparco's Private Sector and Development Magazine. No. 11. Proparco. <http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance≯. http://www.proparco.fr/lang/en/Accueil_PROPARCO/Publications-Proparco/secteur-prive-et-developpement/Les-derniers-numeros/issue-11-technical-assistance

Rockefeller Foundation (2013) Accelerating impact: Achievements, challenges and what's next in building the impact investing industry [online]. <http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf≯ [accessed 4 January 2014]. http://www.rockefellerfoundation.org/uploads/images/fda23ba9-ab7e-4c83-9218-24fdd79289cc.pdf

Stanford Social Innovation Review (SSIR) (2014) ‘Unpacking the impact in impact investing’ Stanford Social Innovation Review [online] <http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing≯ [accessed 12 August 2014]. http://www.ssireview.org/articles/entry/unpacking_the_impact_in_impact_investing

World Economic Forum (2013) From the margins to the mainstream: Assessment of the impact investment sector and opportunities to engage mainstream investors [online]. World Economic Forum. <http://reports.weforum.org/impact-investment/≯ [accessed 4 January 2014]. http://reports.weforum.org/impact-investment/