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Micro-financing is a source of funding for small businesses and entrepreneurs that would normally not have access to traditional means of obtaining capital. Usually, the amounts involved in micro-finance is too small for banks to consider, normally in the US$25- US$2,500 range. Money obtained from micro-lenders can be used to start a new business, expand an existing one or just to meet short-term working capital needs.
Microloans are important since they provide many impoverished people that opportunity to create wealth for themselves and to assist others by creating jobs. Once thought only to benefit those peoples living in "third-world" countries, its popularity and success has expanded its traditional base to the United States and other industrialized countries. Women were the first major group of microloans as they represented a vastly underserved segment of the global population.
Micro financing is an important part of today's economy. Companies that provide micro financing have allowed entrepreneurs the ability to achieve their dreams of owning their own business. Not only do micro financing companies assist individuals with the starting a business but they also are able to provide financial assistance to companies that are currently in a financial bind. The money provided by these micro financing companies can help small business expand or help prevent them from going out of business. Listed are a number of companies that have benefited from micro financing.
Cash For Cars In San Diego, CA
The fluctuation of the economy left Cash For Cars In San Diego in a financial bind. They previously experienced a drought in the car industry that caused their expenses to become more that their profits. This economic flip flop almost caused the company to almost go out of business. With the help of micro financing, Cash For Cars In San Diego was able to turn its finances around. With the money provided through micro financing, this auto club paid bills and utilized the remaining funds to market and promote the company. The promotion and marketing allowed them to locate customers and clients. These customers and clients helped to bring revenue back into the company. Without the loan provided by the micro financing company, the auto club would have become overwhelmed by bills , debt, and the inability to locate new clients and customers.