04/23/2026
A year into the most disruptive funding shift the SGB sector has faced in two decades, the conversation among donors is beginning to sound different.
At ANDE's 2026 Leadership Convening in Washington, D.C., Nicholas Colloff (Argidius Foundation), César Buenadicha (IDB Lab), and Qamar Saleem (SME Finance Forum) sat down with ANDE's Devin Chesney for a donor-lens view of the current moment — less about what has been lost, more about what ecosystem actors should do next.
A few of the arguments that stood out:
— Philanthropy matters, but the math does not support it replacing lost aid budgets. Its role is catalytic, not compensatory.
— The systems around entrepreneurship are being reshaped at the same time funding is moving. Familiar interventions are producing unfamiliar results.
— The financial sector is tightening its posture, not freezing. Balanced, risk-mitigated growth is replacing "grow at all cost" — especially among digital lenders.
— The strongest public case for ESO support may be a public finance case: the best-performing ESOs generate returns roughly equivalent to the tax revenue they help governments capture.
Read the full recap from the session: https://ow.ly/OXFg50YOJjg