This paper presents the results of an analysis of a government-led microcredit initiative in the state of Tabasco. It incorporates the viewpoints of various government employees who were involved in the initiative's design and responsible for the offices and field staff who implemented it, and especially the viewpoints of the women who were the beneficiaries of the program. Thus, the program operation and the women's perspective of its impact are reconstructed. The information contained in the text stems from a review of the guideline documents of the program, structured, semi-structured and in-depth interviews with the women beneficiaries, government employees, the operating and coordinating staff of the offices, and intermediary finance administrators. [ABSTRACT FROM AUTHOR]