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Definition of 'Microcredit'
An extremely small loan given to impoverished people to help them become self employed.
Also known as "microlending" or "microloan".
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Investopedia explains 'Microcredit'
Renee Loth wrote an article in 2002 for the Boston Globe entitled "Women Entrepreneurs," which explores how this type of loan possibly originated. In the article Loth suggests the system started in Bangladesh in 1976, when an economics professor loaned a group of women $27 to finance their own small business. Amazingly the women repaid the loan and were able to sustain the business.
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This growing industry is full of opportunities for the socially conscious investor.
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Is microfinance a way to help the poor, or will it just make them poorer?
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Banks are no longer the only option for a loan - the P2P lending system operates without them.
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Search and compare the best checking and savings rates nationwide from Bankrate.com. Click Here!
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Find out how to snag a career that could bring you more than money.
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Do you know how your borrowing activities affect your credit rating? Find out here.
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Not all businesses are self-sustaining - many rely on microlending in order to survive.
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