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Who decides: I&P vs. Aceli

Forest Flavors, CRS Innovative Finance

Two parallel capital paths from CRS to SMEs, comparing who makes the credit decision CRS Social Ventures Fund splits into two paths. Left: I&P mandate, then a CRS-directed credit decision, ending at SME. Right: wholesale fund, then a bank-directed credit decision, ending at SME. CRS Social Ventures Fund I&P mandate Directs CRS lending wholesale fund Loans capital to banks CRS-directed decision CRS selects the borrower Bank-directed decision Bank selects the borrower SME SME

Early evidence: CRS and Aceli already overlap

No active coordination between CRS and Aceli to date

Known CRS SMEs already financed via Aceli

4 of 19

Financed through Aceli lending partners

$1,080,200

Active matching between CRS and Aceli

None yet

What active matching could look like

If CRS invests in the Aceli wholesale facility

Participating in the fund also raises CRS's profile as a catalytic impact investor, making CRS more competitive in future grant applications.