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Talking with Neilson Rose in the Caribbean Credit Repair Association Virtual Summit, Delroy A. Josephs, Managing Director, MaKayla Financial Services and Andrew Mais, Chairman, JaMFA & CEO, New Era Financing share how to maximize your relationship with micro lenders.

If you are on a mission to clear of your debt, despite the interest rates charged, you can use micro credit to your advantage by having a strong business plan for growth of your money.

The idea of micro finance was simple enough - by giving a very small loan to someone living in a poor country, you could help them expand a small business, which would lift their family out of poverty. When they pay back the loan, the money can be cycled to more borrowers, getting more families out of poverty.  

What is important to note is that there are five key benefits to micro finance loans.  In this training on the 12 ways to get control of your debt, you can enjoy on demand videos and workbooks to guide you through the debt management process.

That said, here are the benefits of the mirco finance industry.

1. ACCESS

Banks simply won’t extend loans to those with little or no assets, and generally don’t engage in the small size of loans typically associated with microfinancing. Microfinancing is based on the philosophy that even small amounts of credit can help end the cycle of poverty. Many women and girls have trouble accessing formal financial institutions as they don't have appropriate identification or certification of land and house ownership.

2.  BETTER LOAN REPAYMENT RATES

Microfinance tends to target women borrowers, who are statistically less likely to default on their loans than men. These loans help empower women, and they are often safer investments for those loaning the funds.

3.  EXTENDING EDUCATION AND HEALTH

Families receiving microfinancing are less likely to pull their children out of school for economic reasons and more likely to have resources to pay for school fees or health services.

4.  SUSTAINABILITY

Even a small working capital loan of $100 can be enough to launch a small business in a developing country that could help the individuals pull themselves and their family out of poverty. These small businesses can help create new employment opportunities, which has a beneficial impact on the local economy.

5.  IMPROVED INCOME AND NUTRITION

Through small loans women are able to get needed agriculture inputs such as improved seeds and fertilizers to increase productivity and nutritional content of crops and generate more income from the market.

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