article thumbnail

A Newbie’s Guide To Microfinancing

YoungUpstarts

Such services include providing small loans (sometimes called microloans or microcredits) with low, affordable interest rates to individuals, small businesses, or a group of people who wish to be collectively responsible for a loan. He went on to found the aforementioned Grameen Bank (“Grameen” means “village” in Bengali).

article thumbnail

10 Amazing Microfinance Success Stories

YoungUpstarts

The benefits of microfinance have been debated since the ’70s when the Grameen Bank in Bangladesh began making tiny loans to impoverished small business owners. In 2006, Muhammad Yunus, the bank’s founder and “the father of microfinance,” won the Nobel Peace Prize.

Colombia 263