The data presented in this paper do not speak to all of these empirical assertions, especially the broader issues about the ability of microfinance institutions to increase overall rates of economic growth, but they do help to illuminate key issues around commercialization and the place of non-profit organizations in the microfinance industry. We show that poor households can and do pay relatively high interest rates on micro-loans; that modest subsidies can be used without notable efficiency losses (repayment rates remain high, for example); that non-profits generally target poorer households than for-profits, and that many of those non- profits are fully.
