Microfinance Programs

Definition

Microfinance programs are financial services, such as small loans and savings accounts, that are provided to low-income individuals who do not have access to traditional banking. These programs aim to empower individuals by providing them with the resources they need to start or expand their own businesses.

Related terms

Poverty Alleviation: Efforts aimed at reducing poverty levels in a community or country.

Entrepreneurship: The act of starting and managing one's own business venture.

Financial Inclusion: The availability and accessibility of financial services for all individuals, regardless of their income level or location.