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A Small Loan With The Power For Huge Success
You may be unfamiliar with this term
You may be unfamiliar with this term. Microlending is the term to describe short-term, small loans used to build businesses. Many still think that, to start a business, you need a $100,000.00 loan, but, with the resources available to anyone today (many of them free), you can get started for much less.A $2,000 microloan could help you start a flower shop or launch a clothing business from your home.
Essentially, microlending is designed to help level the playing field when it comes to business financing.
With the economy in this continuing uncertain state, it has become much harder to secure a loan. Starting a business involves plenty of financial risks, so, unless you have a lot of money or assets to back up a loan, well, securing the money you need can be a difficult task.
This has been especially true in poor countries where funding was well beyond the reach of anyone who wasnt already wealthy. As microlending developed, the first loans were money to secure animals for labor or small supplies. The loans were for just a few hundred dollars, but this money could soon grow should the recipient really put this cash to good use.
It took some time, but with a sinking economy here, microlending certainly has the right environment to grow.
The Grameen Bank, noted for starting the microlending movement, now offers loans to women in New York and the results are looking impressive.
Microlending may not be an option for everyone, but for the small upstart businesses that just need that little bit extra to keep moving forward, the solution may finally be here.
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by: eWealthDaily