here the market relations and business contracts play a central role. In this sphere, we find, for example, bank loans and equity finance. Financiers expect a financial return on investment in line with the financial risks that they take.
Social and informal sphere:
in this sphere, financiers provide finance on the basis of a personal belief in a project's "good cause" and individual commitment, rather than contractual commercial terms or grant applications. Here we find, for examples, donation, patronage, volunteer work, etc. Financiers expect a social return rather than a financial return on their investment.
policy makers or government agencies manage public funding, and distribute them on the basis of grant applications and in line with the strategic priorities of that government.
finally, there is a grey intermediate financing where financiers expect both a social and a financial return on their investment. For instance, impact investing and venture philanthropy belong to this sphere.
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