Definition
microcredits
noun
- Small loans of money lent to entrepreneurs and small businesses in developing countries who lack access to traditional banking services.
Usage: Usually plural or used in plural contexts; Finance/development economics term
Examples
- Microcredits have helped thousands of women in rural areas start their own businesses.
- The nonprofit organization provides microcredits to entrepreneurs who cannot qualify for traditional bank loans.
- Many developing nations rely on microcredits to promote economic growth and reduce poverty.
- She received microcredits to expand her small textile workshop.
- Microcredits typically range from $25 to $1,000 and have high repayment rates.
- The bank launched a microcredits program targeting underserved communities.