What is a microloan? How to apply for and use a microloan
Small businesses are the backbone of the Russian economy, and microcredit is one way to help them start or grow. Microloans encourage investment and can take your start-up business to the next level. On the other hand, applying for any business financing may seem daunting for a small business owner, but microloans are suitable for small businesses looking to expand.
In this article, we'll look at what microloans are, how to apply for and use them, and whether they'll benefit your business.
What is a microloan?
Microloans are a type of business loan that differ from traditional loans in several ways. Firstly, microloans are usually issued for smaller amounts of money. Secondly, microloans are usually issued by professional investors, non-profit organizations or microlending organizations, rather than banks. And third, microloans typically have lower interest rates than traditional loans.
