In America, we are truly blessed with opportunity to help us chart our own course and grasp success as much as we desire it. Services provided by financial institutions are one of the things that we as American citizens have easy access to, allowing us to utilize financing and credit to further our goals in aspects of our financial strategies on both a personal and business level.
For many Americans, the idea of not being able to take out a mortgage to purchase a house, obtain student loans for higher education, or receive business loans to pursue business goals would be unfathomable – yet there is a significant portion of the world’s population that simply does not have access to financial services of this nature.
What is microfinance? Kiva explains it well, “Microfinance is a general term to describe financial services to low-income individuals or to those who do not have access to typical banking services. Microfinance is also the idea that low-income individuals are capable of lifting themselves out of poverty if given access to financial services.”