Microfinance and helping the poor

There are many small time entrepreneurs and low income people who have no access to banking and other financial services. They have no means of securing loans for even starting small businesses. The facilities of microfinance prove to be a godsend for them. This concept has been around for a long time. It is a great way of alleviating poverty and the microfinance projects in Bangladesh and Africa have gotten a lot of recognition. These facilities also stop people from going to unscrupulous moneylenders who often charge high interest rates causing much hardship to the borrowers.