What is the difference between microfinance and microcredit?

4 years ago

Getting a loan from a bank can be extremely difficult for someone with little cash income. Microcredit is a loan to the microentrepreneur by an MFI (microfinance institution). Microcredit is one component of microfinance. Other growing services include microsavings, microinsurance, and financial training programs offered by a number of MFIs.