Microfinance

  
    

Microfinance is a general term to describe financial services to low-income individuals or to those who do not have access to typical banking services

Microloans loans people money to help them them get a kickstart in a small business that they think will be beneficial to their village or town

 

A microlender is an organization that makes business loans to individuals who are not able to obtain financing from traditional lenders. Microlenders typically charge higher-than-average interest rates; their maximum loan is usually $25,000 or less. Recipients of micro-loans are typically individuals in poverty or in development zones in the U.S., or who live in developing nations.

 

And so that is what Microfinance, Microloans and Microlenders are, very important for those that are looking for money to start a business.