Micro-Loan Definition: A micro-loan is a small amount borrowed by a small company or non-profit organization.
Companies that provide these small loans are referred to as microlenders. The loan amount doesn’t exceed $25,000, so less documentation is required, and the approval process is usually quick.
Micro-loans are often a good option for small or new organizations without a credit history that may have difficulty obtaining funding from large banks or financial institutions.
They are also ideal for individuals or companies with low to moderate credit scores and are more accommodating for community-focused organizations.
Micro-loans are also useful in helping new immigrants to Canada, and other countries start successful businesses or careers.
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