What is Microfinance?
Microfinance is a source of financial
services for entrepreneurs and small businesses lacking access to banking and
related services. The two main mechanisms for the delivery of financial
services to such clients are:
(1) relationship-based banking for individual entrepreneurs and small businesses; and
(2) group-based models, where several entrepreneurs come together to apply for loans and other services as a group.
TGMP follows the group lending model used by the Grameen
Bank because it creates accountability and solidarity amongst the 5 member loan
groups. Loans are received by two people at a time and the remaining members of
the group do not receive loans until the first are repaid.
TGMP truly sees microfinance as a way to provide financial
services to those who otherwise would not have access. Creating opportunities
and allowing borrowers to make dreams a reality is an empowering experience for
all of those involved.
If you would like to learn more about the microfinance model we follow and the Grameen Trust check out this site.
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