Abstract
ABSTRACT The success of microfinance is known worldwide and Latin America has not been indifferent to this issue. Actually, in the past three decades microfinance in Latin America has become an important development tool that offers valuable opportunities to increase the competitiveness of a large segment of the business population of the region. However, until today there isn’t a microfinance model in the region that can be followed by other countries and this is the main purpose of this study: try to find it. This will be accomplished by applying a descriptive method, gathering information in this field, trying to get familiar with the microfinance environment in the area and then seeking for common key points within this industry and identifying successful countries. As a result of completing the above procedure, it has been found that it is not feasible to create a unique model since there are many controllable and uncontrollable factors that affect each and every particular economy. Moreover, if a country wants to enter the field of microfinance, several studies and analysis must be made in advance in order to find the best model that will perfectly fit its particular environment.