REVIEW

We reviewed for our test today on Mr. Schick’s power point he made about Microfinance

Microfinance is financial service for people who don’t have access for people in developing countries. So they can get a kick start to their business. A microloan is a small loan given to individuals who might not have access to certain services. Also referred to as Micro entrepreneurs. Kiva is a very well-known and well operated provider of microloans. Over the last week they have given almost half a billion dollars to borrowers. 637,003 loans have been funded through Kiva. It has a 99.1% payback percentage. Microloans are also given to people who want to fund a clinic, hospital, or other health care facility.  Also to teachers trying to run schools, and even students trying to get into college. Some problems with microloans is that they have high interest rates. Think about it, if you’re living in a place with few banks competing for the lowest interest prices, you could end up with a high interest rate. Microloans help with the fact that banking services aren’t available to poor people. It’s a help but not a fix. Fun fact: Malaria- “bad air” infectious disease that is transferred by mosquitos. No vaccine exists and they only way to stop it is to not get bite. They best known way to stop it is by mosquito nets. Bill Gates is the second greatest philanthropists in history. He is no longer the richest man in the world due to the fact of his support to research and development for a vaccine, diagnostics, and mosquito-control measures. He plans on giving away 95% of his wealth before he dies. Well done Bill, well done!