Micro-finance: What is micro-finance?

Micro-finance, sometimes called "banking for the poor" usually means providing poor families with very small loans to help them start and grow businesses. The loans are typically less than 200 US dollars. Very poor people use these small loans along with support from local organizations called micro-finance institutions. Grameen Bank of Bangladesh is an example of an MFI. The Grameen Bank was started by Bangladeshi economist Muhammad Yunus. He was awarded the Nobel Peace Prize in 2006 for his pioneering work. Since 2006, numerous micro-finance institutions have sprung up, improving the lives of the poorest people, including people in Cambodia.