Short for “Low-profit, Limited Liability Company.” A new hybrid form of incorporation, available in a growing number of states, in which a for-profit venture has a stated goal of maximizing social benefits instead of profits. Designed specifically to allow and attract multiple sources of capital for the socially-oriented business, including program-related investments from foundations. Similar in concept to the new B Corps/Benefit Corporations form of incorporation but a legally distinct form. Often categorized as a “social businesses” or “social enterprise.”
A set of methods for providing financial capital, credit, and banking services to entrepreneurs, small businesses, and low-income individuals who otherwise lack adequate access to such capital and services. Can include loans, savings, “microcredit,” or other banking services and typically involves relatively small amounts of money. The transactions are often processed through online and/or local intermediaries, including specialized microfinance institutions.
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