Microloans, usually amounting up to $50,000, serve as a vital funding source for small businesses and startups that often can't qualify for traditional loans.
The short-term nature of microloans, with repayment periods from a few months to a few years, allows businesses to manage debt effectively without long-term burdens.
Microloans feature an easier approval process compared to traditional loans, making them accessible to new businesses lacking extensive credit histories.
By offering lower interest rates, microloans reduce the overall borrowing costs for small businesses, facilitating essential investments in growth and sustainability.
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