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The bank was established for the purpose of making small loans to the poor − predominantly women – to help them obtain economic self-sufficiency. The concepts of micro-enterprise and microfinance were pioneered in 1976 by Nobel Prize recipient Muhammad Yunus, founder of the Grameen Bank (Bank of the Rural), in Bangladesh.
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Internationally, most microenterprises are family businesses employing one or two persons. Similarly, when referring to a small, usually legal business that is not financed by microcredit, the term microbusiness (or micro-business) is often used. The terms microenterprise and microbusiness have the same meaning, though traditionally when referring to a small business financed by microcredit the term microenterprise is often used.
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( Learn how and when to remove this template message)Ī micro-enterprise (or microenterprise) is generally defined as a small business employing nine people or fewer, and having a balance sheet or turnover less than a certain amount (e.g. Such statements should be clarified or removed. This article contains weasel words: vague phrasing that often accompanies biased or unverifiable information.