Financial institutions in Colombia fight poverty with “micro-financing”

Americas Now

Colombians struggling to find employment are getting help in starting their own businesses. It’s through a banking service called “micro-financing.” And it’s turning out to be a good way for banks to invest in the community.

In 2017, 14.5 million people were living below the poverty line in Colombia, according to a recent article from the non-profit news publication “Colombia Reports”. That translates into living on less than $88 dollars a month.

For many of those residents, dreams of having their own business seem impossible. But some industrious women with some innovative ideas have found support with “micro-financing.” And it’s helping produce a long-term change in their lives.

Correspondent Michelle Begue has their stories from Altos de La Florida, outside Bogota, Colombia.