Microfinance has been working very well in the developing world as a way to support people in creating better opportunities for themselves and their communities by providing a small amount of money for projects. People who would otherwise be rejected for a loan can qualify for a microloan and then use that money to start a business.
Now programs in New York City are helping people in poverty start small business to better themselves.
Fortunately, she found Project Enterprise. The $1,500 loan she received allowed her to get a license and purchase the equipment to start grooming pets in her apartment. With this increased offering of services, the income of Bridgetteâ€™s business more than doubled. She has already taken out a second loan to buy equipment to let her handle more pets, and is now planning for her third loan, to take the next step and expand into an actual storefront
Read more at the blog of the Grameen Foundation.