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Microloans Explained
Fortune: “In the U.S., state and local programs make so-called microloans available, typically to small-business owners who are unable to get traditional loans from banks either because they have poor credit ratings or no credit history at all. About 500 community-based microlenders and a handful of state microlending programs make loans available—most for several thousand dollars—to these higher risk borrowers. These loans are riskier, so the interest rates are higher than those on conventional ones. Microlending programs in the U.S. are vastly different from those in developing countries. The Grameen Bank in Bangladesh, for instance, has no minimum amount for loans—a woman, for example, could borrow money to buy scissors—and charges low-interest rates.”
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