Do the “ultra-poor” have high returns to capital or are they otherwise constrained? Impoverished Ugandans, mostly women, were experimentally offered individual business training, $150, supervision, and business advising. We evaluated the full package plus the marginal effects of components: supervision (pressure to invest); advice; and stronger social networks (via group formation). 16 months later, microenterprise ownership and incomes double. Supervision and advice weakly increase initial investment but have little long-run impact. Group formation raised earnings through cooperative activities, suggesting social capital is an important input. Overall, the economic returns to cash appear high. We see little effect, however, on empowerment.