Microcredit programs throughout the world are a means of giving low-income, even very poor, families a way to earn their own money and work their way out of poverty.

These programs give small loans, or other financial services, for people who want to run their own small business, according to the Microcredit Summit Campaign. The organization reports repayment rates are strong, in part because peers offer support and pressure as borrowers are responsible for the success of each other.

Microcredit isn't something that only is being used in developing countries with success. Here in Guam the Pacific Islands Microcredit Institute, working with the Pacific Islands Small Business Development Center, has a microcredit loan program to help low-income individuals who want to start businesses.

Applicants attend a 12-week training program to learn how to use the funding they will receive, such as creating a business plan and basic business operation lessons. Those who complete training can qualify for loans between $100 and $500. After the loan has been repaid, a microcredit recipient can apply for higher amounts.

Microcredit programs are a great way for people without means to earn a living and support their families. It helps provide a path to let many not only pursue their dreams of a better life, but to help make those dreams a reality.

The institute is a valuable resource for self-starters from low-income brackets that helps make our community a better place.

The people of the Pacific Islands Small Business Development Center are to be commended for seeing the possibilities that microcredit programs can provide to island residents and then working to set up the Pacific Islands Microcredit Institute to offer microcredit loans.