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.

Download the report

If you have any questions about this publication, please contact the CAF Venturesome team.

Increase your impact with social investment

Use your philanthropic capital to support charities and social enterprises.

CAF Venturesome News

Get the latest news and views in the world of social investment.

Stay up to date with our publications

Get our latest research reports sent straight to your inbox.