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What is a microloan?

What is a microloan? Here are some definitions.

Noun
  1. (banking) A small loan, especially one extended to a poor person as part of a microcredit program of such lending intended to alleviate poverty.
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The goal is to help the community be self-sustainable, in part, by establishing a church, a school, and a microloan program.
She thus would like a microloan to be then able to pay for school fees for her younger child.
She now raises over 50 chickens, but she would like a microloan to repair her hen house.
To simplify and clarify its instruments, ALMI Business Partner has combined its three microloan products into one.
She received a microloan to start a business growing and selling fruit and vegetables.
But high loan loss reserves also take into account that microloan portfolios are often not backed by collateral.

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