There's a strong tradition of giving to charities and thinking of those in need at Christmas, and long may it continue. As I look for international organisations to donate to this year, I thought I'd also support something closer to home by spotlighting microfinance here.
There are a number of brilliant efforts across the country that offer no-cost or low-cost borrowing solutions to those in need. This is called "microfinance" because of the small loan amounts involved (typically below $5,000, but some go much higher). These loans are specifically for certain circumstances, but they are undoubtedly a real opportunity for some.
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Since most of us borrow so expensively on conventional cards and loans with nosebleed interest rates and fees, microfinance solutions are a true gift.
The word on the street, surprisingly, is that there's a lot of microfinance money sloshing around looking for a home. So the funds are there, but providers at times struggle to find people to lend to. I wonder if it's partly because folks have not heard of these options? Perhaps this post can be a bit of a remedy.