Microfinance emerged in response to the lack of financing for entrepreneurial opportunities in many developing countries.

Question

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Microfinance was developed to provide small loans to those who lacked access to traditional financial services, such as banks, which commonly excluded low-income individuals and those in rural areas. The idea was to provide a means for these individuals to start or grow small businesses, which could lead to economic growth and poverty reduction.

Microfinance Emerged in Response to the Lack of Financing for Entrepreneurial