Microfinance initiatives have truly taken off as a way to help people with low incomes and/or living in isolated areas and lacking access to traditional banking services to receive financing to put their plans into practice.
While living in poverty and having to scrap for necessities can make people develop an entrepreneurial and opportunistic spirit, they often are unable to use these skills to better their lives due to a lack of access to education, skills training and financial support.
There are a number of creative ways in which microlending, microloans and other microfinance initiatives can be put into practice. These projects have been particularly useful in the developing world, where the amount of money required for a person in a rural hinterland to begin the makings of a small home-based business isn't great.
28 Microfinance Initiatives
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