MICROFINANCE
To give an assertive point of view, we need to understand the meaning of microfinance. According to Wikipedia microfinance is “the provision of financial services to low-income clients, including consumers and the self-employed, who traditionally lack access to banking and related services.”
We already know how difficult it is to get a loan nowadays because you need to present a lot of papers showing that you can pay for the loan. Each organization that offers loans has some rules that a person has to follow to get a loan, for example, you have to present a proof of salary and if your income is lower than the ones that bank requests the loan is going to be denied. So, what kind of opportunity do people that do not have a job and need money to overcome a situation have? It is here where the microfinance comes to the rescue. These kinds of loans are accessible for poor people that do not have resources to survive.
Here is Costa Rica we have PYME which is an organization that helps micro, little and big companies with financial plans. They offer different kinds of plans, for example, they have a plan called PROPYME that is to finance the development of innovation projects and technological research.
They have another project for entrepreneur women. I think that this is very important because as we already know, sometimes it is very difficult for women to start a business because they do not have a stable job or have kids, so these opportunities are excellent; they give an alternative to those women that bear the brunt.
The final objective of Microfinance is to give money to start a cottage business, so they give like $25, for example, to buy the ingredients to make “empanadas”, and when the person sells the empanadas, he or she has to pay the money that the bank gave him/her and with the rest of the money they can continue with the business.
We already know how difficult it is to get a loan nowadays because you need to present a lot of papers showing that you can pay for the loan. Each organization that offers loans has some rules that a person has to follow to get a loan, for example, you have to present a proof of salary and if your income is lower than the ones that bank requests the loan is going to be denied. So, what kind of opportunity do people that do not have a job and need money to overcome a situation have? It is here where the microfinance comes to the rescue. These kinds of loans are accessible for poor people that do not have resources to survive.
Here is Costa Rica we have PYME which is an organization that helps micro, little and big companies with financial plans. They offer different kinds of plans, for example, they have a plan called PROPYME that is to finance the development of innovation projects and technological research.
They have another project for entrepreneur women. I think that this is very important because as we already know, sometimes it is very difficult for women to start a business because they do not have a stable job or have kids, so these opportunities are excellent; they give an alternative to those women that bear the brunt.
The final objective of Microfinance is to give money to start a cottage business, so they give like $25, for example, to buy the ingredients to make “empanadas”, and when the person sells the empanadas, he or she has to pay the money that the bank gave him/her and with the rest of the money they can continue with the business.
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