Maybe microfinance hasn’t been hit yet, but it’s when those who fund microfinance institutions (MFIs) get hit and loans to MFIs aren’t made because lenders can’t fund their investments, and the MFI has to cut back lending so loan repayments can be used to repay maturing loans, THEN it will in fact be impacted. New loans to clients won’t happen, as things get worse, loan renewals won’t happen as the MFI will need cash to meet maturing debt obligations. Unless you’re a deposit taking MFI, and only fund your loans with deposits, and you don’t lose any of your depoitors, then yes, perhaps it won’t hit a microfinance as hard. Then, as an MFI, you only have to worry that your clients can withstand the general economic downturn. Aside from those things, microfinance should sail through this crisis unscathed.