They say it takes money to make money. That may be true, but what if there’s no money to begin with? Local business owners all over the country are struggling to secure loans to expand or sustain their businesses. In a flagging economy, some people have gotten creative and used microloans. Microloans are just what they sound like – loans for small amounts of money. Known for its success helping entrepreneurs in third world countries, microlending is gaining traction in the United States, according to a recent article in The New York Times.
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