THOUGHT FOR THE DAY

The good life

“The good life is inspired by love and guided by knowledge.” - Bertrand Russell

TOPIC OF THE DAY

Microcredit

Microcredit is the extension of very small loans (microloans) to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most
minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of a wider range of financial services to the very poor.

The modern invention of microloans is credited to St. Louis entrepreneur Menlo Smith who was struck by the abject poverty he saw in the Philippines.

Microcredit is a financial innovation that is generally considered to have originated with the Grameen Bank in Bangladesh. In that country, it has successfully enabled extremely impoverished people to engage in self-employment projects that allow them to generate an income and, in many cases, begin to build wealth and exit poverty.

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