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Malta Microfinance operates as a regulated non-profit financial institution largely following the model used by the Grameen Bank in Bangladesh. We make interest free credit available to the poorest people in Malta, particularly migrants and women, encouraging the creation of solidarity groups, and seeking to create an environment where the poor are empowered to lift themselves out of poverty. Microfinance Process - Borrowers Malta Microfinance delivers credit with an arrangement fee to be an affordable alternative to moneylenders, payday institutions, and pawnshops. These lenders usually loan money at excessively high interest rates, making it extremely difficult for entrepreneurs living below the poverty line to turn their ideas into profitable businesses. Who qualifies for a loan? Our loans are distributed to poor individuals but have difficulty accessing credit at reasonable rates. Priority is given to women and migrants. You do not need to have a: • Current bank account • Credit history • Collateral • Guarantors You do need to: • Have a dream • Be in need and living below the poverty line • Create or join a solidarity single gender group of like-minded individuals • Be the only member of your household applying for membership in the same Group (close relatives are not allowed but may join another group) Some examples of how loans are used: • Establish an income generating project • Expand an existing small business • Pay the deposit and first two month’s rent to move out of unsuitable accommodation . attend a training course to get certification in your trade Help will be provided in developing your idea: • Support from the other members of the solidarity group • Free business mentoring • Guidance from the Support Worker
