What is Microcredit ?

Much of the current interest in microcredit stems from the Microcredit Summit (2-4 February 1997), and the activities that went into organizing the event. The definition of microcredit that was adopted there was:
Microcredit  programmes extend small loans to very poor people for self-employment projects that generate income, allowing them to care for themselves and their families.
What is Microcredit
Definitions deffer, of course, from country to country. Some of the defining criteria used include- size – loans are micro, or very small in size target users – microenterpreneurs and low-income households utilization – the use of funds – for income generation, and enterprise development, but also for community use (health/education) etc. terms and conditions – most terms and conditions for microcredit loans are flexible and easy to understand, and suited to the local conditions of the community.
Source : The Virtual Library on Microcredit
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    What is Microcredit ?
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