What is Microfinance and How does Microfinance Help Improve People’s Lives?
What is Microfinance?
Microfinance is a small loan given to people in poverty that can come from a bank or from people who have the money to lend.
The people who need microfinance are often very poor and don’t always have a good education or jobs to earn enough money for the things they need. Normal banks will not lend anyone money unless they are sure that they will be able to pay it back. The borrowers who need the money in this world have almost nothing and are really the poorest in the community.
Loans are very small, often just a few dollars in size. Sometimes they won’t be given money at all. Sometimes they get given a goat, a hen, or a bag of seeds; something
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Thanks to microfinance, this service has given the opportunity to many unemployed and low income people to improve their lives.
Mohammed Yunus created Microfinance to give people a chance to have a better life.
Mohammad Yunus i. rich banking economist and a businessman from Bangladesh. He also started off The Grameen Bank of Pioneering and he also invented Microcredit and Microfinance.
Mohammad Yunus won a Nobel Peace Prize for his work in improving the lifestyle opportunities of the very poorest people in Asian countries.
At first Mohammed Yunus experimented by making small loans to Bangladeshi women who wanted to buy bamboo to make into furniture. Banks would only lend them money at very high interest rates. Mohammed Yunus offered to give them a loan which could be be paid back over a time that they worked out and agreed on. A time that was long enough to make a good business.
That started to help the borrower to come out of the poverty cycle. Mr. Yunus found out that these micro (very small) loans, which traditional banks did not want to give out because they thought they wouldn’t get their money back could make a really big difference to a poor person and to the community that they lived
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