The Future of Microfinance and How it Can Shape the World
All over the world, there are people with brilliant ideas. In some cases, they’re able to realize their goals and turn their ideas into reality. This is most often the case when these individuals have the capital to back it up. Barring that, some are able to take on a loan in order to get things started, and many of these individuals see success. Unfortunately, this isn’t always the case – particularly in developing countries.
For these people with similarly clever ideas, they’re unable to take on a loan because they aren’t eligible, and they don’t have any capital to get started. This is unfortunate because many of these individuals have the power to change their economy for the better if only they were given a chance to. This is where microfinancing comes in and, slowly but surely, it’s beginning to make a difference.
A level playing field
According to Sharone Perlstein, a microfinance specialist, there is very little difference between a large loan in urban areas and a much smaller loan in a developing country. While this might not make sense at first, remember that the prices of just about everything in the latter are much lower than in the former. This means that even if there is a notable difference in the capital between the entrepreneur in a first world country compared to one from a developing country, the opportunities presented will be roughly the same. This is the advantage that microfinancing in the form of microloans presents individuals in third-world countries who don’t have enough capital to get started on their own. In these situations, all they need is a little push to get started, something that microloans are more than capable of doing.
Expanding the market
It’s not enough to just launch a business venture; it’s equally important that it’s properly maintained. One of the most incredible parts of microfinance is the overall repayment rate. According to the website of Sharone Perlstein, the number of individuals who pay in full is a staggering 98.9%. This just goes to show how much microfinance benefits individuals who simply want to get their business off the ground. It promotes a healthy cycle of business ventures for those with the ideas and the passion to see things through. Thanks to these individuals, microlending is picking up steam which means that an effort is being made to bring microfinance to unbanked areas.
To conclude, there are plenty of people out there with ideas that could very well change the world we live in today. The fact that microfinance gives these individuals a chance isn’t just beneficial for their economy, but for the economy of the world as a whole. With enough support, just about anyone with a great idea can get the starting capital to make their business ventures come true.
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