A (partial) guarantee 28 is the commitment of a guarantor to back up and provide repayment in case of default or non-performance of the enterprise. A (partial) guarantee can have an important role for impact enterprises as it represents a mechanism to increase the security and facilitate the mobilisation of private capital from investors, thus promoting financial access. In fact, the guarantee acts as a sort of insurance, allowing the impact enterprise to lower the relative risk 29 of the organisation, increase access to lending, and obtain exposure to a wider source of funding with improved financial terms and conditions. A partial guarantee does cover only part of the risk (e.g. 80% of a loan) in order to ensure alignment of interest between the guarantor and the investor. A partial guarantee can also cover a portfolio of investments insofar that it provides partially repayment in case of default from any investment in the portfolio (e.g. 80% from any investment) up to a pre-defined cap of the portfolio (e.g. 30% of the portfolio).