Micro credit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty.
Lavender Micro credit loans are designed to help those who only need a small amount of capital to facilitate their micro enterprise, you could be a small retailer of food items, provisions or farm products. Often, micro credit is organized around “solidarity groups or Associations” These groups are comprised of individuals in a community who want micro credit loans. The purpose of such groups is to create a feeling of community, provide a network for support and discussion, and back up one another’s loans. Since micro credit loans do not require traditional collateral, the members of the group act as insurance for each other—if one person defaults on a loan, the group members pay it back. Generally, before anyone in the solidarity group or Association can get an additional loan, all members of the group must have their initial loan paid off.
Getting a Micro credit loan at Lavender Micro finance Bank is easy and stress-free.
You can visit the nearest Lavender Micro finance Bank or Contact our customer care line; +234-818-162-0000.
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