Abhijit Banerjee, Emily Breza, Esther Duflo, Cynthia Kinnan

NBER Working Paper No. 26346
Issued in October 2019

---- Acknowledgments ----

We thank Bruno Barsanetti, Ozgur Bozcaga, Janjala Chirakijja, Ofer Cohen, Harris Eppsteiner, Zoe Hitzig, Taylor Lewis, Cecilia Peluffo, Sneha Stephen, Laura Stilwell and Yuta Toyama for their excellent research assistance. We thank the Centre for Microfinance at the Institute for Financial Research and Management, especially Parul Agarwal, for their help with the survey implementation. We thank Paco Buera, Edward Glaeser, Rema Hanna, Dan Keniston, Asim Khwaja, Maggie McMillan, Rohini Pande, Michael Peters, K.B. Prathap, Neng Wang and Bilal Zia for their comments as well as numerous seminar and conference participants. We are grateful to the NSF for generous financial support (SES 1156182). Previous title: “Does Microfinance Foster Business Growth? The Importance of Entrepreneurial Heterogeneity.” MIT IRB #1203004973. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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