Financing the Poor: Can Microcredit Play Part as a Community Development Projects?
Journal of the Management Sciences, Vol. 10, No. 2, July 2010
17 Pages Posted: 5 Apr 2011
Date Written: July 1, 2010
Abstract
In recent years, microcredit has gained enormous success in reducing poverty on a global scale. As an efficient financial mechanism, microcredit empowers various impoverished people across communities and cities and enriches them with small loans/or set/employment projects that generate income, allowing them to care for themselves and their families. This paper examined and analyzed the role of microcredit in promoting rural livelihoods in the country. The study reflected on success stories of microcredit and showed that despite some barriers, microcredit is making significant contribution in uplifting the livelihoods of disadvantaged rural communities.
Keywords: Microcredit, Poverty, funding, Community Development projects
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