Beginning in the 1980s, microfinance pioneers started shifting the focus. Instead of farmers, they turned to people in villages and towns running “non-farm enterprises”—like making handicrafts, livestock-raising, and running small stores. The shift brought advantages: non-farm businesses tend to be less vulnerable to the vagaries of weather and crop prices, and they can generate income on a fairly steady basis. The top microlenders boast repayment rates of 98 percent and higher, achieved without requiring that loans be secured with collateral. The experiences--taking place in cities and villages in Latin America, Africa, and Asia--refute decades of assertions that.