Microfinance and poverty alleviation among selected self-employed in Matina Aplaya, Davao City

Abstract

Poverty is a major barrier to social and economic advancement in many nations, affecting billions of people globally. Societies cannot eradicate poverty unless they provide individuals with the means to swiftly expand their income-generating enterprises, such as farms, sole proprietorships, and small enterprises. The main purpose of this study is to determine the significant relationship between microfinance and poverty alleviation among selected self-employed in Matina Aplaya, Davao City. This study also investigates the level of microfinance and poverty alleviation among selected self-employed in Matina Aplaya, Davao City. The study used a descriptive-correlational research design and purposive sampling technique of fifty selected self-employees from Davao City. Also, an adapted questionnaire was used, and the results were treated statistically using Mean, Standard Deviation, and Pearson's r. Furthermore, the study revealed a high level of microfinance and poverty alleviation among selected self-employed in Matina Aplaya, Davao City. Also, the study revealed that there is a strong positive significant relationship between microfinance and poverty alleviation among selected self-employed in Matina Aplaya, Davao City. Before immersing themselves in microfinance, self-employed individuals were advised to speak with an expert. The top financial service lenders engaged in microfinance should also keep a close eye on and assess how their borrowers intend to use the borrowed money as well as the kind of venture they wish to start. Moreover, governments ought to support microfinance institutions by providing funds that will be disbursed at favorable interest rates. Lastly, scholars studying microfinance and poverty reduction may find this work useful in the future as a reference, especially for financial management students.