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Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, and a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty.
Village banking is a microcredit and saving methodology whereby financial services are administered locally in a community bank rather than in a centralized commercial bank. Village banking has its roots in ancient cultures and was most recently adopted for use by micro-finance institutions (MFIs) as a way to control costs.
Rutherford's point is that microcredit is addressing only half the problem, and arguably the less important half: poor people borrow to help them save and accumulate assets. However, microfinance is not the magical solution to take people out of poverty; it is merely a tool that the poor can use to raise their prospects for an escape from poverty.
A Revolving Loan Fund (RLF) is a source of money from which loans are made for multiple small business development projects. Revolving loan funds share many characteristics with microcredit, micro-enterprise, and village banking, namely providing loans to persons or groups of people that do not qualify for traditional financial services or are otherwise viewed as being high risk. [1]
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There are three broad types of microcredit products in the water sector: [3] Microcredits aiming to improve access to water supply and sanitation at the household level. Credits for small and medium enterprises for small water-supply investments. Credits to upgrade urban services and shared facilities in low-income areas.
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Grameen Bank (Bengali: গ্রামীণ ব্যাংক) is a microfinance, specialized community development bank founded in Bangladesh. [5] [6] It provides small loans (known as microcredit or "grameencredit") [7] to the impoverished without requiring collateral.