what is microfinance? financial services to low-income individuals or to those who do not have access to typical banking services.
list at least 3 things that microfinance affect people. 1) provides people who don’t have the money to get a loan to start a business, pay for medical attention, pay for schools, etc.
2) It helps small businesses start up and stay running
3) your small business gets damaged, they will provide you the money to get your business back on track so you can start making money again.
what are microloans? loans people money to help them them get a kickstart in a small business that they think will be beneficial to their village or town.
what 3 problems can microfinance fix? 1) malaria 2) clean water 3) Drought
what is malaria? life-threatening disease transmitted by mosquitoes
in what year did scientist discover the real cause of malaria? 1880
how many deaths are caused by malaria? 655,000
are there any cures to malaria? no
how can we improve microfinance? we need to think of a solution to give people a chance to have a better life
what are 3 misconceptions about microfinance?
- Clients are too poor to pay interest as well as repaying the loan capital, so projects have low or no interest rates.
- Clients need a large lump sum to restart activities after a conflict, so loan sizes are large (for example, more than one-fifth of annual income).
- Clients prefer to use the loan for agricultural activities, so projects have long loan terms (six months to one year).
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