Definition
microloan
noun
- a small loan, typically provided to entrepreneurs or low-income individuals in developing countries who lack access to traditional banking services
Usage: often used in development finance and poverty alleviation contexts
Examples
- The nonprofit organization provides microloans to women starting small businesses in rural areas.
- She received a microloan of $500 to purchase equipment for her tailoring shop.
- Microloans have helped thousands of entrepreneurs escape poverty by enabling them to start their own ventures.
- The bank expanded its microloan program to reach underserved communities.
- He used a microloan to buy inventory for his street food business.
- Microloans typically have lower interest rates than traditional personal loans for borrowers in developing nations.