The commercial sector is increasingly recognizing the enormous potential of microfinance, and today the supply of private and commercial financing far exceeds donor dollars. Institutional transition and preparation for commercial investments and relationships demand creativity, strong leadership, and technical finance skills. This Progress Note profiles the experiences of three microfinance institutions preparing to access commercial debt; they were presented at a workshop in June 2006 at the U.S. Agency for International Development Learning Conference. The Progress Note also highlights practical steps for managers of microfinance institutions to consider in preparing for commercial investments.