Poverty is a state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living. Poverty means that the income level from employment is so low that basic human needs can’t be met. Poverty-stricken people and families might go without proper housing, clean water, healthy food, and medical attention. Each nation may have its own threshold that determines how many of its people are living in poverty.
Poverty directly affects the country’s economic growth. Therefore, it becomes mandatory to eradicate this issue for the proper growth and development of a nation. We can say poverty is one of the biggest obstacles in the path of development. The government of every nation runs various schemes and programs to decrease the poverty rate. However, despite all these, social businesses can play a very prominent role in fighting poverty. These include-teaching the poor people so that they can themselves increase their level of thinking and living. The various non-government organisations, NGOs, can play a vital role in these as they may provide employment to poor people-thus increasing their income level. In addition, the business should have profit motive but, at the same time, should think for the welfare of poor people in various manners like having a concern about their mental and physical growth, their financial security, their children’s education, etc.
Socially, we can also provide loans to poor people to raise their standard of living. The same was done by a Northeastern University student, Pena Salas. Pena Salas saw first-hand how small loans could make an enormous impact in the lives of extremely poor people in the developing world. “We have thousands of clients who have been able to buy homes and send their kids to school,” Pena Salas said. “Most of our clients are women and for them, these loans were a dream come true—a tool that could lift them out of poverty bit by bit.” Therefore, through these kinds of small little things, we can make a big change in someone’s life.