Microcredit Defined: Microcredit is the extension of small loans to enterpreneurs too poor to qualify for traditional bank loans. It has proven an effective and popular measure in the ongoing struggle against poverty, enabling those without access to lending institutions to borrow at bank rates, and start small business. Source: The Virtual Library on MicrocreditThe main point: Microcredit can change the lives of poor people overcoming extraordinary odds. Read this article to learn more.... Microfinance: Stressing the Human Angle.
10 things you should know about microcredit:
- Used as a major stategy and tool in worldwide poverty alleviation
- Microcredit is sustainable
- Microcredit can work in developed and underdeveloped countries
- You don't need a lot of money to do microcredit
- Microcredit empowers the poor by utilizing their skills
- Microcredit projects typically focus on landless women
- An entire family can benefit from microcredit
- 100% Repayment is possible
- A transparent accounting system is needed to run a microcredit program efficiently
- You don't have to have a background in economics to do microcredit, you just have to be passionate about alleviating poverty
The Champion of Microcredit:
Click here for articles from the virtual library on microcredit.
- Bornstein, David. The Price of Dream: The Story of the Grameen Bank
- Counts, Alex. Give Us Credit.
- Muhammad, Yunus. Banker to the Poor:The Autobiography of Muhammad Yunus
Need inspiration? Check out IDEA CARDS for how you may utilize microcredit principles.
How you can become involved in MC: Contribute to Ananda's MC fund. check back soon.
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