Micro Finance
Microfinance, also called microcredit, is a type of banking service provided to low-income individuals or groups who otherwise wouldn't have access to financial services.
While institutions participating in microfinance most often provide lending—microloans can range from as small as $50 to under $50,000. But many banks offer additional services such as checking and savings accounts as well as micro-insurance products, and some even offer financial and business education.
The goal of microfinance is to ultimately give impoverished people an opportunity to become self-sufficient.
Micro Finance. (2024). Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/commercial-lending/microfinance/