This project studies a randomized, large-scale unconditional cash transfer program in Kenya, and find a meaningful increase in revenues for enterprises in areas experiencing a greater volume of cash transfers. Interestingly, sales increased without noticeable changes in firm investment behavior (beyond a modest increase in inventories), and sales do not increase differentially for firms owned by cash recipient households relative to non-recipients. Both patterns suggest a demand-led rather than an investment-led expansion in economic activity. Combining enterprise and household data, we estimate a cash transfer multiplier effect of 2.7. This research note also discusses the project, "General Equilibrium Effects of Cash Transfers: Enterprise Responses".