microcredit

microcredit
(MY.croh.cred.it)
n.
A loan program that offers small, short-term loans to help people become self-employed. Also: micro-credit, micro credit.
Example Citation:
Microcredit got its start in Bangladesh in 1976, when Muhammad Yunus, an economics professor, gave a $27 loan to a small group of women in a local village without demanding collateral. The women defied expectations by repaying the loan, developing a sustainable business, starting savings accounts, and helping this simple economic model expand to millions of borrowers worldwide.
— Renee Loth, "Women Entrepreneurs," The Boston Globe, July 2, 2002
Earliest Citation:
Foreigners promoting development in their homelands expressed support Monday for legislation that would provide small loans up to about $300 for poor people working to improve their lot. . . . The so-called "micro-credit" legislation, which is backed by a slew of private development agencies, would not increase the money under the control of the Agency for International Development.
—"Foreigners Express Support for Bills Providing Small Loans to Poor People," The Associated Press, September 14, 1987
Notes:
The example citation mentions that the microcredit idea begans in the 1970s. However, the west didn't pick up on it until well into the 80s, as shown by the earliest citation.
Related Words: Category:

New words. 2013.

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Look at other dictionaries:

  • microcredit — UK US /ˈmaɪkrəʊˌkredɪt/ noun [C or U] ► ECONOMICS, FINANCE a very small loan to individual people or families, for example in developing countries, especially in order to start a business: »The bank is setting up a microcredit program for poorer… …   Financial and business terms

  • microcredit — /mīˈkrō kre dit/ noun The provision by banks of small business loans to borrowers with low income or no collateral ORIGIN: ↑micro (1a) …   Useful english dictionary

  • Microcredit — This article is specific to small loans. For financial services to the poor, see Microfinance. For small payments, see Micropayment. Microcredit is the extension of very small loans (microloans) to those in poverty designed to spur… …   Wikipedia

  • Microcrédit — Le système d aide sociale appelé microcrédit consiste généralement en l attribution de prêts de faible montant à des entrepreneurs ou à des artisans qui ne peuvent accéder aux prêts bancaires classiques. Le microcrédit se développe surtout dans… …   Wikipédia en Français

  • microcredit — [[t]ma͟ɪkroʊkredɪt[/t]] N UNCOUNT Microcredit is credit in the form of small loans offered to local businesses, especially in developing countries. [BUSINESS] ...a microcredit scheme which provides credit to small businesses …   English dictionary

  • microcredit — labai maža paskola statusas Aprobuotas sritis smulkusis ir vidutinis verslas apibrėžtis Paskola verslininkui ar labai mažai įmonei (mikroįmonei) iki 86 320 litų dydžio. atitikmenys: angl. microcredit ryšiai: sinonimas – mikrokredìtas šaltinis… …   Lithuanian dictionary (lietuvių žodynas)

  • Microcredit Summit Campaign — Type Non profit Founded 1997 Location Washington, DC Key people Sam Daley Harris, Director/Founder …   Wikipedia

  • Microcredit Regulatory Authority — (MRA) is the central body to monitor and supervise microfinance operations of non governmental organizations of the Republic of Bangladesh. It was created by the Government of Peoples’ Republic of Bangladesh under the Microcredit Regulatory… …   Wikipedia

  • Microcrédit personnel — Le microcrédit personnel accompagné est un prêt d’un montant généralement inférieur à 3 000€ accordé avec un taux d’intérêt faible (3,5% en moyenne) dont l’objectif consiste à financer des petits projets (voiture, permis, équipement…) portés par… …   Wikipédia en Français

  • Microcredit summit campaign — The Microcredit Summit Campaign is an American non profit organization started as an effort to bring together microcredit practitioners, advocates, educational institutions, donor agencies, international financial institutions, non governmental… …   Wikipedia

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