As microenterprises grow, so do their financial and non-financial needs. Entrepreneurs may eventually need larger loans than microfinance institutions (MFIs) typically offer. To respond to the demands of clients that are transitioning into the small business segment, many MFIs, especially in Latin America and the Caribbean, have undergone upgrading and upscaling in order to provide a wider range of financial products and services. However, even though MFIs have a significant number of female clients in their portfolios, their upgrading and upscaling processes rarely integrate a gender focus and thus lack a value proposition tailored to that growing client base. Hence, this article seeks to open the discussion on how MFIs can implement successful upgrading and upscaling processes by recognizing the key opportunities presented by their largest market: women entrepreneurs.

Amorós, J. and Bosma, N. (2014) Global Entrepreneurship Monitor: 2013 Global Report, London: Global Entrepreneurship Monitor (GEM).

Berger, M., Goldmark, L. and Miller-Sanabria, T. (2006) An Inside View of Latin American Microfinance, Washington, DC: Inter-American Development Bank (IDB).

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity, New York: McKinsey & Company.

Demirguc-Kunt, A. and Klapper, L. (2012) Measuring Financial Inclusion: The Global Findex Database, World Bank Policy Research Working Paper 6025, Washington, DC: World Bank.

Economist Intelligence Unit (EIU) (2013a) Global Microscope on the Microfinance Business Environment 2013, London: supported by the Multilateral Investment Fund (MIF), CAF – Development Bank of Latin America, the Center for Financial Inclusion at Accion, and Citi Microfinance.

Economist Intelligence Unit (EIU) (2013b) Women's Entrepreneurial Venture Scope 2013, London: commissioned by the Multilateral Investment Fund (MIF).

Ferreira, F., Messina, J., Rigolini, J., López-Calva, L., Lugo, M. and Vakis, R. (2013) Economic Mobility and the Rise of the Latin American Middle Class, Washington, DC: World Bank.

Glisovic, J. and Martinez, M. (2012) Financing Small Enterprises: What Role for Microfinance Institutions? CGAP Focus Note No. 81, Washington, DC: Consultative Group to Assist the Poor (CGAP).

Goldman Sachs Global Markets Institute (2014) Giving Credit Where it is Due: How Closing the Credit Gap for Women-owned SMEs Can Drive Global Growth, New York: Goldman Sachs.

International Finance Corporation (IFC) (2011) Strengthening Access to Finance for Women-owned SMEs in Developing Countries, Washington, DC: IFC.

IFC (2014) Women-Owned SMEs: A Business Opportunity for Financial Institutions, Washington, DC: IFC.

Jayachandran, S. and Lleras-Muney, A. (2009) ‘Life expectancy and human capital investments: evidence from maternal mortality declines’, Quarterly Journal of Economics 124: 349–97 <http://dx.doi.org/10.1162/qjec.2009.124.1.349>.

Kelley, D., Brush, C., Greene, P. and Litovsky, Y. (2013) Global Entrepreneurship Monitor: 2012 Women's Report, London: Global Entrepreneurship Monitor (GEM).

Klinger, B., Khwaja, A. and del Carpio, C. (2013) Enterprising Psychometrics and Poverty Reduction, New York: Springer.

Magnoni, B. and Powers, J. (2013) Pure Perseverance: A Study of Women's Small Businesses in Colombia, Washington, DC: Multilateral Investment Fund (MIF).

Multilateral Investment Fund (MIF) and Internationale Projekt Consult GmbH (IPC) (2011) IPC Guide for Small Business Lending, Washington, DC: Multilateral Investment Fund (MIF).

MIF (2013) SMEs in Latin America and the Caribbean: Closing the Gap for Banks in the Region, Washington, DC: MIF.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: 2013 Sector Data, Washington, DC: Multilateral Investment Fund (MIF).

World Economic Forum (2012) Redefining the Emerging Market Opportunity: Driving Growth through Financial Services Innovation, prepared in collaboration with the Boston Consulting Group, Geneva: World Economic Forum.

global Banking Alliance for Women (GBA) website, ‘The business case: women drive the global economy’ <www.gbaforwomen.org/index.php/our-work/business-case> [accessed 14 July 2014]. www.gbaforwomen.org/index.php/our-work/business-case

MIX Market website <www.mixmarket.org> [accessed 30 June 2014]. World Bank Enterprise Surveys website, ‘Argentina (2010)’ <www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager> [accessed 30 June 2014]. www.mixmarket.org www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager

Amorós, J. and Bosma, N. (2014) Global Entrepreneurship Monitor: 2013 Global Report, London: Global Entrepreneurship Monitor (GEM).

Berger, M., Goldmark, L. and Miller-Sanabria, T. (2006) An Inside View of Latin American Microfinance, Washington, DC: Inter-American Development Bank (IDB).

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity, New York: McKinsey & Company.

Demirguc-Kunt, A. and Klapper, L. (2012) Measuring Financial Inclusion: The Global Findex Database, World Bank Policy Research Working Paper 6025, Washington, DC: World Bank.

Economist Intelligence Unit (EIU) (2013a) Global Microscope on the Microfinance Business Environment 2013, London: supported by the Multilateral Investment Fund (MIF), CAF – Development Bank of Latin America, the Center for Financial Inclusion at Accion, and Citi Microfinance.

Economist Intelligence Unit (EIU) (2013b) Women's Entrepreneurial Venture Scope 2013, London: commissioned by the Multilateral Investment Fund (MIF).

Ferreira, F., Messina, J., Rigolini, J., López-Calva, L., Lugo, M. and Vakis, R. (2013) Economic Mobility and the Rise of the Latin American Middle Class, Washington, DC: World Bank.

Glisovic, J. and Martinez, M. (2012) Financing Small Enterprises: What Role for Microfinance Institutions? CGAP Focus Note No. 81, Washington, DC: Consultative Group to Assist the Poor (CGAP).

Goldman Sachs Global Markets Institute (2014) Giving Credit Where it is Due: How Closing the Credit Gap for Women-owned SMEs Can Drive Global Growth, New York: Goldman Sachs.

International Finance Corporation (IFC) (2011) Strengthening Access to Finance for Women-owned SMEs in Developing Countries, Washington, DC: IFC.

IFC (2014) Women-Owned SMEs: A Business Opportunity for Financial Institutions, Washington, DC: IFC.

Jayachandran, S. and Lleras-Muney, A. (2009) ‘Life expectancy and human capital investments: evidence from maternal mortality declines’, Quarterly Journal of Economics 124: 349–97 <http://dx.doi.org/10.1162/qjec.2009.124.1.349>.

Kelley, D., Brush, C., Greene, P. and Litovsky, Y. (2013) Global Entrepreneurship Monitor: 2012 Women's Report, London: Global Entrepreneurship Monitor (GEM).

Klinger, B., Khwaja, A. and del Carpio, C. (2013) Enterprising Psychometrics and Poverty Reduction, New York: Springer.

Magnoni, B. and Powers, J. (2013) Pure Perseverance: A Study of Women's Small Businesses in Colombia, Washington, DC: Multilateral Investment Fund (MIF).

Multilateral Investment Fund (MIF) and Internationale Projekt Consult GmbH (IPC) (2011) IPC Guide for Small Business Lending, Washington, DC: Multilateral Investment Fund (MIF).

MIF (2013) SMEs in Latin America and the Caribbean: Closing the Gap for Banks in the Region, Washington, DC: MIF.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: 2013 Sector Data, Washington, DC: Multilateral Investment Fund (MIF).

World Economic Forum (2012) Redefining the Emerging Market Opportunity: Driving Growth through Financial Services Innovation, prepared in collaboration with the Boston Consulting Group, Geneva: World Economic Forum.

global Banking Alliance for Women (GBA) website, ‘The business case: women drive the global economy’ <www.gbaforwomen.org/index.php/our-work/business-case> [accessed 14 July 2014]. www.gbaforwomen.org/index.php/our-work/business-case

MIX Market website <www.mixmarket.org> [accessed 30 June 2014]. World Bank Enterprise Surveys website, ‘Argentina (2010)’ <www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager> [accessed 30 June 2014]. www.mixmarket.org www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager

Amorós, J. and Bosma, N. (2014) Global Entrepreneurship Monitor: 2013 Global Report, London: Global Entrepreneurship Monitor (GEM).

Berger, M., Goldmark, L. and Miller-Sanabria, T. (2006) An Inside View of Latin American Microfinance, Washington, DC: Inter-American Development Bank (IDB).

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity, New York: McKinsey & Company.

Demirguc-Kunt, A. and Klapper, L. (2012) Measuring Financial Inclusion: The Global Findex Database, World Bank Policy Research Working Paper 6025, Washington, DC: World Bank.

Economist Intelligence Unit (EIU) (2013a) Global Microscope on the Microfinance Business Environment 2013, London: supported by the Multilateral Investment Fund (MIF), CAF – Development Bank of Latin America, the Center for Financial Inclusion at Accion, and Citi Microfinance.

Economist Intelligence Unit (EIU) (2013b) Women's Entrepreneurial Venture Scope 2013, London: commissioned by the Multilateral Investment Fund (MIF).

Ferreira, F., Messina, J., Rigolini, J., López-Calva, L., Lugo, M. and Vakis, R. (2013) Economic Mobility and the Rise of the Latin American Middle Class, Washington, DC: World Bank.

Glisovic, J. and Martinez, M. (2012) Financing Small Enterprises: What Role for Microfinance Institutions? CGAP Focus Note No. 81, Washington, DC: Consultative Group to Assist the Poor (CGAP).

Goldman Sachs Global Markets Institute (2014) Giving Credit Where it is Due: How Closing the Credit Gap for Women-owned SMEs Can Drive Global Growth, New York: Goldman Sachs.

International Finance Corporation (IFC) (2011) Strengthening Access to Finance for Women-owned SMEs in Developing Countries, Washington, DC: IFC.

IFC (2014) Women-Owned SMEs: A Business Opportunity for Financial Institutions, Washington, DC: IFC.

Jayachandran, S. and Lleras-Muney, A. (2009) ‘Life expectancy and human capital investments: evidence from maternal mortality declines’, Quarterly Journal of Economics 124: 349–97 <http://dx.doi.org/10.1162/qjec.2009.124.1.349>.

Kelley, D., Brush, C., Greene, P. and Litovsky, Y. (2013) Global Entrepreneurship Monitor: 2012 Women's Report, London: Global Entrepreneurship Monitor (GEM).

Klinger, B., Khwaja, A. and del Carpio, C. (2013) Enterprising Psychometrics and Poverty Reduction, New York: Springer.

Magnoni, B. and Powers, J. (2013) Pure Perseverance: A Study of Women's Small Businesses in Colombia, Washington, DC: Multilateral Investment Fund (MIF).

Multilateral Investment Fund (MIF) and Internationale Projekt Consult GmbH (IPC) (2011) IPC Guide for Small Business Lending, Washington, DC: Multilateral Investment Fund (MIF).

MIF (2013) SMEs in Latin America and the Caribbean: Closing the Gap for Banks in the Region, Washington, DC: MIF.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: 2013 Sector Data, Washington, DC: Multilateral Investment Fund (MIF).

World Economic Forum (2012) Redefining the Emerging Market Opportunity: Driving Growth through Financial Services Innovation, prepared in collaboration with the Boston Consulting Group, Geneva: World Economic Forum.

global Banking Alliance for Women (GBA) website, ‘The business case: women drive the global economy’ <www.gbaforwomen.org/index.php/our-work/business-case> [accessed 14 July 2014]. www.gbaforwomen.org/index.php/our-work/business-case

MIX Market website <www.mixmarket.org> [accessed 30 June 2014]. World Bank Enterprise Surveys website, ‘Argentina (2010)’ <www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager> [accessed 30 June 2014]. www.mixmarket.org www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager

Amorós, J. and Bosma, N. (2014) Global Entrepreneurship Monitor: 2013 Global Report, London: Global Entrepreneurship Monitor (GEM).

Berger, M., Goldmark, L. and Miller-Sanabria, T. (2006) An Inside View of Latin American Microfinance, Washington, DC: Inter-American Development Bank (IDB).

Chironga, M., Dahl, J., Goland, T., Pinshaw, G. and Sonnekus, M. (2012) Micro-, Small and Medium-sized Enterprises in Emerging Markets: How Banks Can Grasp a $350 Billion Opportunity, New York: McKinsey & Company.

Demirguc-Kunt, A. and Klapper, L. (2012) Measuring Financial Inclusion: The Global Findex Database, World Bank Policy Research Working Paper 6025, Washington, DC: World Bank.

Economist Intelligence Unit (EIU) (2013a) Global Microscope on the Microfinance Business Environment 2013, London: supported by the Multilateral Investment Fund (MIF), CAF – Development Bank of Latin America, the Center for Financial Inclusion at Accion, and Citi Microfinance.

Economist Intelligence Unit (EIU) (2013b) Women's Entrepreneurial Venture Scope 2013, London: commissioned by the Multilateral Investment Fund (MIF).

Ferreira, F., Messina, J., Rigolini, J., López-Calva, L., Lugo, M. and Vakis, R. (2013) Economic Mobility and the Rise of the Latin American Middle Class, Washington, DC: World Bank.

Glisovic, J. and Martinez, M. (2012) Financing Small Enterprises: What Role for Microfinance Institutions? CGAP Focus Note No. 81, Washington, DC: Consultative Group to Assist the Poor (CGAP).

Goldman Sachs Global Markets Institute (2014) Giving Credit Where it is Due: How Closing the Credit Gap for Women-owned SMEs Can Drive Global Growth, New York: Goldman Sachs.

International Finance Corporation (IFC) (2011) Strengthening Access to Finance for Women-owned SMEs in Developing Countries, Washington, DC: IFC.

IFC (2014) Women-Owned SMEs: A Business Opportunity for Financial Institutions, Washington, DC: IFC.

Jayachandran, S. and Lleras-Muney, A. (2009) ‘Life expectancy and human capital investments: evidence from maternal mortality declines’, Quarterly Journal of Economics 124: 349–97 <http://dx.doi.org/10.1162/qjec.2009.124.1.349>.

Kelley, D., Brush, C., Greene, P. and Litovsky, Y. (2013) Global Entrepreneurship Monitor: 2012 Women's Report, London: Global Entrepreneurship Monitor (GEM).

Klinger, B., Khwaja, A. and del Carpio, C. (2013) Enterprising Psychometrics and Poverty Reduction, New York: Springer.

Magnoni, B. and Powers, J. (2013) Pure Perseverance: A Study of Women's Small Businesses in Colombia, Washington, DC: Multilateral Investment Fund (MIF).

Multilateral Investment Fund (MIF) and Internationale Projekt Consult GmbH (IPC) (2011) IPC Guide for Small Business Lending, Washington, DC: Multilateral Investment Fund (MIF).

MIF (2013) SMEs in Latin America and the Caribbean: Closing the Gap for Banks in the Region, Washington, DC: MIF.

Trujillo, V. (2013) Microfinance in Latin America and the Caribbean: 2013 Sector Data, Washington, DC: Multilateral Investment Fund (MIF).

World Economic Forum (2012) Redefining the Emerging Market Opportunity: Driving Growth through Financial Services Innovation, prepared in collaboration with the Boston Consulting Group, Geneva: World Economic Forum.

global Banking Alliance for Women (GBA) website, ‘The business case: women drive the global economy’ <www.gbaforwomen.org/index.php/our-work/business-case> [accessed 14 July 2014]. www.gbaforwomen.org/index.php/our-work/business-case

MIX Market website <www.mixmarket.org> [accessed 30 June 2014]. World Bank Enterprise Surveys website, ‘Argentina (2010)’ <www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager> [accessed 30 June 2014]. www.mixmarket.org www.enterprisesurveys.org/data/exploreeconomies/2010/argentina#finance--gender-of-top-manager