microlending

Microlending involves providing small loans to individuals or small businesses who typically lack access to traditional banking services. These loans are used to support entrepreneurial activities, improve living standards, or fund new ventures. The goal is to promote economic development and reduce poverty by enabling borrowers to invest in income-generating opportunities. Microlenders often operate through community organizations or online platforms, offering manageable repayment terms. This approach helps empower underserved populations, fostering financial inclusion and fostering local economic growth.