A broad network of financial services that help low-income businesses or individuals raise income and integrate themselves into the conventional financial system by aiming to improve their standards.
Who can use it?
Low-income individuals benefit most from microfinancing mainly by gaining help in improving their livelihood through financial services that they typically do not have access. Although, banks and financial institutions also benefit greatly from this by extending their line of services to those individuals that cannot provide sufficient funds for those typical banking services, as well as by enriching their financial inclusion. Essentially, both benefit to a substantial degree by helping improve each other’s services.
How does Microfinance work?
Novatti Microfinance solution assists with lending loans for them to protect their assets while improving their businesses.
Through the help of microfinancing, these companies will be able to support others in their community using employment and growing their businesses, while at the same time, protecting their assets.
Benefits with Novatti
- There are many advantages of using microfinancing, one of which is its accessibility
- Microfinancing also believes in the idea that is possible to help by extending to small businesses even small amounts of credit that will essentially assist them to continue trading
- Another initiative of microfinancing is to present educational opportunities thereby increasing their chances of getting jobs in the future, especially to those that cannot afford these privileges
- In correlation with employment, entrepreneurs are more likely to expand their businesses and thereby hire more people, causing the unemployment rate to deflate
- More businesses can also result in constructing permanent local establishments or institutions, helping their community grow on a larger scale through small, less-stringent means
- Novatti Microfinance solution aspires to create a movement wherein individuals or households in lowly and almost-lowly States will be given access to a broad range of financial services
- Novatti Microfinance solution makes it a point to view microfinancing as a means to promote economic growth, increased employment, protected assets, and business flourish
- Help cushion small businesses from external shocks such as economic fluctuations or financial issues
- Novatti will be able to help small entrepreneurs grow their companies and involve themselves within a high-quality financial system sans the need for profuse funds