Microcredit Programs

Definition

Microcredit programs are initiatives that provide small loans, typically to individuals in low-income communities, who lack access to traditional banking services. These programs aim to alleviate poverty by empowering borrowers to start or expand their own businesses.

Related terms

Poverty alleviation: Efforts aimed at reducing or eliminating poverty within a community or region.

Entrepreneurship: The act of starting and managing a business venture, taking on financial risks with the hope of making a profit.

Empowerment: The process of enabling individuals or groups with the tools and resources needed to take control over their own lives and make informed decisions.