The special theme of this issue of our newsletter is smallscale credit. How to deliver efficient and effective credit services to those individuals seeking small amounts of capital is not a new problem in Indonesia. But the special circumstances of the economic crisis have brought the issue into sharper focus as many people have struggled to access credit for consumption purposes, for agriculture or income-generating activities, or for developing a small business. Several government credit programs have been the subjects of widespread comment in many quarters over the last year. In our reports we have tried to describe the available options for those who wish to locate credit, and to give an account of some of the difficulties and obstacles they are facing. We have drawn on a recent SMERU field survey of credit in several rural areas and also on a data analysis study of the effectiveness of subsidized credit as a means of alleviating poverty.