This report focuses on Small and Growing Businesses (SGBs) operating in emerging and frontier markets to help more effectively diagnose the distinct financing needs and gaps faced by different types of enterprises, and in turn better focus on scaling the financing solutions that are most needed to empower enterprises of all types to meaningfully contribute to inclusive economic growth. This study includes both impact-oriented enterprises and traditional enterprises; we also explicitly include both early stage startups and well-established small businesses that have been operating for decades. However, this study does not focus on those microenterprises that are informal and are unlikely to embark on a path of formalization, due to their limited growth prospects and the major difficulties financial service providers face in serving them. However, we do include “high performance” microenterprises and startups that are on the path to formalization and growth.