2B From Recipients of Public Grants to Attracting Private Finance: SME progression pathways to financial independence and and the 'potholes' along the way

Ideally, SMEs can progress from using grant funding to increasingly being able to attract private finance. This makes SMEs independent, enables them to carve out their own growth pathways, and reduces pressure on scarce donor resources. To lay out these pathways, we need to create SME finance systems able to cater to diverse SMEs at diverse stages in their progression. Where do we see these systems take shape? What are the pitfalls encountered along the way?