This paper examines the differing interests of charities and funders in balancing risk and return. The majority of charities rely on grants to fund their organisations, but many are starting to use bank loans too. Grants are given on the expectation of social return, whereas loans are provided because the lender anticipates a financial return. CAF Venturesome, the author of the paper, is a social investment fund which explores the ‘middle ground’ between these two types of financing.

The result? A new way to support charities called ‘social investment’. Now, charities are expected to provide both social and financial return. The paper looks at how this is impacting both charities and lenders, and how this balance is being achieved.

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