Micro Lending Market Size is Projected to Reach US$ 353.9 Billion by 2028

The study provides a detailed analysis of the industry, including the global micro lending market share, size, trends, and growth forecasts.

BROOKLYN, NEW YORK, UNITED STATES, July 18, 2023/EINPresswire.com/ — Industry Overview of Micro Lending Market
Micro-lending, also known as microcredit, is a financial practice that involves offering small loans to individuals, especially those with limited access to conventional banking services, to support their entrepreneurial ventures and combat poverty. The focus of micro-lending is to provide financial services to low-income individuals, primarily in developing nations, who may lack collateral, credit history, or formal employment. These loans are typically of modest amounts and serve various purposes, such as initiating or expanding small businesses, funding income-generating activities, or fulfilling essential needs. Micro-lending institutions, which may include microfinance banks or non-governmental organizations (NGOs), play a vital role in facilitating these loans.
Unlike traditional lending approaches, micro-lenders assess loan applications based on the borrower’s character, business plan, and ability to repay rather than solely relying on conventional credit evaluations. Moreover, micro-lenders often complement their financial support with valuable resources such as financial literacy training, business development services, and ongoing guidance to help borrowers enhance their financial management skills and increase their chances of success. Through these efforts, micro-lending aims to empower individuals and uplift communities by fostering entrepreneurship and financial inclusion.

How Big Is the Micro Lending Market?
The global micro lending market size reached US$ 189.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 353.9 Billion by 2028, exhibiting a growth rate (CAGR) of 10.75% during 2023-2028.

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Global Industry Trends and Drivers:
The micro-lending market is witnessing significant developments driven by various trends and factors. One crucial aspect is the growing recognition of micro-lending’s role in alleviating poverty and fostering inclusive economic development. As a result, governments, international organizations, and impact investors are increasingly backing micro-lending initiatives and providing funds to extend microcredit access in underserved communities. Furthermore, advancements in technology and the proliferation of digital platforms have facilitated the expansion of micro-lending services. Mobile banking, digital payment systems, and online loan application processes have streamlined operations for micro-lenders, enabling them to reach a broader customer base and offer efficient and convenient financial services. This digitization trend is not only fostering market growth but also promoting financial inclusion, especially in regions with limited banking infrastructure. Additionally, there is a growing focus on social and environmental impact investing, with investors seeking opportunities to make positive contributions while achieving financial returns. Micro-lending aligns perfectly with these impact investing objectives as it targets underserved populations and promotes sustainable entrepreneurship. The increasing demand for socially responsible investments is thus driving the expansion of the micro-lending market, paving the way for further growth and positive societal impact.

What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Provider:
Banks
Micro Finance Institute (MFI)
NBFC (Non-Banking Financial Institutions)
Others

Breakup by End User:
Small Enterprises
Micro Enterprises
Solo Entrepreneurs and Self-Employed

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:

American Express Company, BlueVine Inc., Funding Circle, Lendio Inc., Lendr, Manappuram Finance Limited, NerdWallet, On Deck Capital (Enova International) and StreetShares Inc. (MeridianLink).

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Elena Anderson
IMARC Services Private Limited
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