Definition
A Microloan is a small, short-term loan for small businesses or startups, typically offered by microfinance institutions.
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.