Microcredit
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Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans. As of 2009 an estimated 74 million people held microloans that totaled US$38 billion. Grameen Bank reports that repayment success rates are between 95 and 98 percent.
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See also
- Cooperative banking
- Count Me In (charity)
- Crowdfunding
- Crowd sourcing
- Flat rate (finance)
- Microcredit for water supply and sanitation
- Microgrant
- M-Pesa
- Project Enterprise
- Solidarity lending
- The Women's Development Bank
- Oikocredit
Unless indicated otherwise, the text in this article is either based on Wikipedia article "Microcredit" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.
