Calvert Impact Small Business Theory of Change

A Theory of Change for the Small Business Finance Sector

Many impact investors, such as Calvert Impact, Ascendus, and NDC, have chosen to invest heavily over a long period of time in the small business sector to combat systematic inequities that prevent entrepreneurs, particularly entrepreneurs of color, from readily accessing the capital they need to start and grow their businesses. But how do we know if our investments are successfully addressing these inequalities? Calvert Impact took a dive into our most recent small business program, the Recovery Funds, sharing our underlying theory of change and impact framework that we have developed and iterated on for our next small business program. Ascendus and NDC also shared how they have implemented this theory of change in their small business portfolios and what they have learned about the barriers facing entrepreneurs.

Watch the recording of the webinar below.