Microfinance is a term for lending money to low-income individuals. These individuals typically don’t have access to the same banking opportunities available to middle- and upper-income households.
Microfinance is often seen as a tool to help people climb out of poverty. Loan recipients can apply the money to building or sustaining a family-owned business. The loan amounts issued, however, are typically small — much smaller than those provided by banks.
While modern microfinance has gained traction thanks to the web, the practice has actually been viable for some time. Here’s a look at how it evolved and how the Internet is bringing it to more and more people.
To read the full, original article click on this link: The History & Evolution of Crowdfunding
Author:Bill Clark
