Framework for Understanding the Commercialization of Microfinance; 1) Commercialization: The New Reality of Microfinance -- Robert P. Christen, Deborah Drake; Approaches to a Commercialized Microfinance Industry; 2) Transformation: Journey from NGO to Regulated MFI -- Anita Campion, Victoria White; 3) Getting the Recipe Right: The Experience and Challenges of Commercial Bank Downscalers -- Liza Valenzuela; 4) The Role of Specialized Investors in Commercialization -- Gabriel Schor, Rochus Mommartz; 5) Teaching Old Dogs New Tricks: The Commercialization of Credit Unions -- Barry Lennon, Dave Richardson; Commercial Entrants into Microfinance; 6) Commercialization and Crisis in Bolivian Microfinance -- Elisabeth Rhyne; 7) The FFP Experience: FASSIL Case Study -- Lynne Curran; Corposol and Finansol: Institutional Crisis and Survival -- Patricia Lee; 8) Creating a Microfinance Bank in Peru: ACP’s Transformation to Mibanco —Anita Campion, Elizabeth Dunn, J. Gordon Arbuckle; Challenges in Commercial Microfinance; 9) Microfinance Institutions in Competitive Conditions —Elisabeth Rhyne; 10) Governance and Ownership of Microfinance Institutions —Maria Otero with Michael Chu; 11) The Experience of Microfinance Institutions with Supervision: Perspectives from Practitioners and a Supervisor —Leslie Theodore with Jacques Trigo; 12) Credit Bureaus: A Necessity for Microfinance? —Liza Valenzuela, Anita Campion