The purpose of this landscape study is two‐fold. Firstly, it aims to provide an understanding of the current state of Impact Bond (IB) work in South Africa and on the rest of the African continent and how it pertains to Small, Medium and Micro‐Enterprises, especially those involved in social impact (i.e. Social Enterprises). Secondly, by reviewing Impact Bonds globally, the research strives to provide insights into future applications of IBs involving small businesses in South Africa across various sectors. This research will hopefully assist government officials and researchers in using and generating evidence to inform policy making, as well as addressing the implementation challenge of more inclusive and sustainable economic growth and job creation in our country.