FAQs:

Microfinance is the supply of loans, savings and other financial services to the poor. The term “micro” is in reference to the small amounts typically involved in the practice. These services are small – “micro” – because a person who does not have a lot of money most likely will not need a loan of several thousand rupees. However, such a loan may make a huge difference in their lives, giving them the ability to purchase livestock for a small farm, a sewing machine to help make accessories and clothes, or supplies for a small store, for example. The poor throughout the developing world frequently are not part of the formal employment sector. They may operate small businesses, work on small farms or work for themselves or others in a variety of businesses. Many start their own “micro” businesses, or small businesses, out of necessity.

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