Micro financing is a relatively new act of providing loans to those in need. Generally for entrepreneurial reasons, these loans are provided to help boost a country’s economy and generate revenue. They help those who are talented and in need of work, those who want to work and earn a living for themselves but do not have the right resources.
The amount of money given is generally less than $200. Many people in South America, Africa (Kenya and South Africa are both good examples), Asia (think Philippines) have better hope for survival today just because of these microloans. They lacked capital and advice to find a way of earning a decent living, but now people have opened up their own small businesses like fruit stalls, barber shops, and other small revenue generating jobs.
This initiative is taken by the governments to uplift the spirit of the poor and give them hope, and it has proven to be a great succes.
Obviously, we highly welcome initiatives like this. Which is why we created this post; as a well meant bravo to the governments of these countries.
Keep it up!