Microfinance institutions (MFIs) have an array of options when deciding how to fund themselves: issue stock or bonds, obtain commercial or concessionary loans, or mobilize savings. This paper explores the trends in usage, costs, and merits of each method of finance; how best to combine them; and the best practices associated with using them. Banyan Global contributed “Annex A” of the document, which outlines the analysis and procedures used in issuing debt and equity for an MFI. The annex discusses available and commonly used methods for raising capital in major microfinance markets. It also maps the evolution of funding sources, from concessionary and quasi-commercial lending provided by donors and local banks to commercial debt and equity issued through capital markets.