Small Loans, Big Change: Microfinance and Economic Development

Abstract

This research investigates the role of microfinance in promoting economic development in rural Bolivia. By conducting interviews with microfinance beneficiaries, the study reveals how access to financial services helps individuals start small businesses and improve their livelihoods. The findings indicate that microfinance not only enhances economic stability but also empowers marginalized communities. Recommendations for microfinance institutions include tailoring services to meet the specific needs of rural clients and providing financial literacy training.