microloans

Microloans are small loans provided to individuals or small businesses who might not qualify for traditional bank loans. They are designed to help entrepreneurs in developing areas or with limited credit access start or grow their ventures. These loans often come from non-profit organizations or specialized institutions that focus on financial inclusion. Microloans typically have shorter repayment periods and smaller amounts, enabling borrowers to build credit, improve their income, and support local economies. They play a crucial role in fostering economic development and poverty reduction by making financial resources accessible to underserved populations.