Today in Mr. Schick’s Human Geo class we learned about
Microfinances. Another one of his classes, section 1, made a class PowerPoint
about microfinances so we just learned from that. We learned that 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. Giving microloans
to people helps them get a kick start to a successful business. The website
kiva is a great example of giving microloans. This way it’s not just charity
but the loans are paid back. Microloans not only help the person getting the
loan but also can help the economy of the village he/she lives in. For example the
person can use the loan to buy something that makes his/her business boom but
also makes life easier for the people in the village. A good definition of a microloan
is when a person lends a small amount of money to a developing business once
the business is running good the lender will receive their money back.
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