What started as a way to give people in impoverished countries the means to improve their quality of life has become an attractive lending option for small business owners seeking quick cash.

Microloans, which are defined by the Small Business Administration as $50,000 or less, can be a source of capital for those finding it difficult to acquire needed funds from credit markets that are still extremely tight, says President and CEO of the ACCION Network in the U.S. Gina Harman.

Because of their less rigid requirements, microloans have a broader spectrum of possible applicants who are either lacking credit or deemed too risky of an investment by traditional financial institutions, says Caitlin McShane, Marketing and Communications Director for Opportunity Fund.

"Microlenders have been described as the lender of last resort, but we don't see ourselves that way," Harman says. "We're a credible lender that understands local small businesses."

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