Microfinance- a form of financial services for entrepreneurs and small businesses lacking access to banking and related services
Microloan- a small loan given to individuals who might not have access to typical banking services, usually to start or expand small, self-sufficient businesses'
As of november 2013, kiva has distributed 498,939,550 loans from 1,015,823 lenders to 1,1777,248 borrowers
average loan is $410.89- so they don't get loads of money
repayment rate for all its partners is 99.01%
Microentrepreneurs receive microloans
Villagers needing to fund a clinic, hospital, or other health care facility
teachers trying to run a school
students wanting further their education
Problems with microloans
high interest rates- sometimes as high as 23%
The cost providing banking services to those living in poverty is high. Being the company that provides tiny loans can be expensive.
How do microloans help
Malaria
banking services
Microloan- a small loan given to individuals who might not have access to typical banking services, usually to start or expand small, self-sufficient businesses'
As of november 2013, kiva has distributed 498,939,550 loans from 1,015,823 lenders to 1,1777,248 borrowers
average loan is $410.89- so they don't get loads of money
repayment rate for all its partners is 99.01%
Microentrepreneurs receive microloans
Villagers needing to fund a clinic, hospital, or other health care facility
teachers trying to run a school
students wanting further their education
Problems with microloans
high interest rates- sometimes as high as 23%
The cost providing banking services to those living in poverty is high. Being the company that provides tiny loans can be expensive.
How do microloans help
Malaria
banking services
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