Micro finance has gained popularity Worldwide
Micro finance has gained popularity worldwide as a powerful instrument for poverty reduction. The United Nations and the Microfinance Industry, as at MF, have set a goal of reducing the poor to the half by 2016. Microcredit was initiated to provide financial services to those who are unable to get these services from the banks, giving them the chance to increase their incomes and save themselves from the poverty circle covering more than a third of the world’s population.
In Lebanon, the Micro financed business, employing less than 4 employees, account for 40% of Lebanon’s economy. For this sector to survive and develop, it needs the information and the working capital from savings, family loans, friends, banks, non-profit organizations or any other source.