Microloan
Content
Definition
A Microloan is a small, short-term loan for small businesses or startups, typically offered by microfinance institutions.
Usage and Context
Microloans help small businesses and startups get the funding they need to grow and develop without accessing traditional bank loans.
Frequently asked questions
- What is the meaning of micro loan? A microloan is a small, short-term loan designed to help small businesses or startups.
- What is an example of a microloan? An example of a microloan is a $10,000 loan given to a startup to purchase equipment or cover initial operating costs.
- Who is eligible for a microloan? Small businesses, startups, and entrepreneurs, especially those who may not qualify for traditional bank loans, are eligible for microloans.
Benefits
Microloans provide essential funding for small businesses, support entrepreneurship, and promote economic development in underserved communities.
Conclusion
Microloans are crucial for supporting small businesses and startups, offering accessible funding to help them grow and succeed.
