2005 was declared as the year of Microcredit by the UN. Loans as small as $100 can foster growth for a small business which in turn provides financial support for the their families, and growth in their local economies.
The growing need for Microfinance has brought many organizations forward as a means to fight poverty and hunger. It has changed the lives of many people and enabled them to lead better lives. This is not in any way to be considered as charity but a vehicle to free the chains of poverty and unemployment from those of low income households. The World Bank have been working with a variety of financial institutions, worldwide, to make lending to the poor profitable and find ways for poor self-employed to repay their loans and find savings opportunities.
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