How to Start a Micro-Lending Business | a Clever Way to Start a Microloan Business
In this video, you will learn how to start a micro lending business. Let's take a closer look at what goes into starting a microlending business and how we can make yours profitable before you get started.
Micro-lending is the practice of lending small sums of money to people who cannot get funding from a traditional federal institution. Before making a loan, most micro-lenders do not require any type of collateral. For-profit institutions may charge a high rate of interest to mitigate financial risks if the borrower defaults on their loans.
In developing countries, micro-lending has grown in popularity, with the majority of ventures being non-profit. Money is loaned to people who need it to start a small business in their community. Would-be entrepreneurs can get the funds they need to meet a critical community need, and lenders can help people find their niche and live more productive lives.
#ShaunAcademy
Micro-lending is the practice of lending small sums of money to people who cannot get funding from a traditional federal institution. Before making a loan, most micro-lenders do not require any type of collateral. For-profit institutions may charge a high rate of interest to mitigate financial risks if the borrower defaults on their loans.
In developing countries, micro-lending has grown in popularity, with the majority of ventures being non-profit. Money is loaned to people who need it to start a small business in their community. Would-be entrepreneurs can get the funds they need to meet a critical community need, and lenders can help people find their niche and live more productive lives.
#ShaunAcademy
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