MICRO-LOAN

Microloans are types of small finance or business loan of the smaller amount offered to micro-entrepreneurs or low-income group families who have little or no access to financial or lending institutions.

Microfinance loans can be used for fulfilling both personal and business financial commitments. It helps start-ups with limited resources build capital while enabling individuals with limited income to have a self-sufficed lifestyle. There are microfinance institutions (MFIs) to look into the needs of these individuals or groups of individuals and offer them the required financial assistance.