Definition of the microcredit
Microcredit is the main tool of the microfinance concept, which is considered to be invented by the Professor Mohammad Yunus, the founder of Grameen Bank in Bangladesh. As it is stated on the Crammen Bank web page, a microcredit is a program of small loans, offered to the poorest people so that they could generate income through self-employment projects (Grameen Bank, 2012). Microcredit can be also defined as a small loan to poorer households or small entrepreneurs, that lack steady employment and a verifiable credit history. In most cases microcredit does not require any collateral, as its target audience ...
