From Alternative Loan Products to Youth-Oriented Finances
Tiana Reid — June 24, 2011 — Social Good
Microfinance has revolutionized both the finance sector and many parts of the less-industrialized world. Microfinance services aim to provide small loans to people with low incomes, so that they have access to capital and resources that they would otherwise not have.
Often, women are targeted heavily for microfinance services because it is proven that they are more likely to pay the loans back, as well as invest in their children's education and their family's health. What's more, many programs utilize something called "solidarity lending" which allows community members to rely on each other for repayment; in turn, creating a collective pressure that further ensures the repayment of the loan.
This top list of examples of microfinance services range from small business loans and personal loans to savings and insurance plans.
Often, women are targeted heavily for microfinance services because it is proven that they are more likely to pay the loans back, as well as invest in their children's education and their family's health. What's more, many programs utilize something called "solidarity lending" which allows community members to rely on each other for repayment; in turn, creating a collective pressure that further ensures the repayment of the loan.
This top list of examples of microfinance services range from small business loans and personal loans to savings and insurance plans.
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