The aim of this report is to document best practices by taking a micro-level deep dive into why women entrepreneurs applying for ‘missing middle’ funding (i.e., in the range of USD 30 000– USD 500 000) more often fail than succeed. This report focuses on the demand and supply issues related to women entrepreneurs access to finance in South Africa and Zambia. The study provides a baseline assessment of a cohort of women who participated in the Graça Machel Trust’s Women Creating Wealth (WCW), a Pan African entrepreneurship development programme whose aim is to grow businesses and transform behaviours, skills and build the confidence of women entrepreneurs.