Quantitative Analysis of the Impact of Microcredit for Women Microentrepreneurs


  • Aine Lima Colégio Etapa
  • Sandro Cabral Mentor, Insper Instituto de Ensino e Pesquisa




Microcredit, Microentrepreneuers, Women Empowerment


Microcredit has a fundamental role as a tool for financial inclusion. It is estimated that there are almost 50 million microentrepreneurs in Brazil, of which two-thirds are women. This work aims to analyze the impact of microcredit for women microentrepreneurs in comparison with men, based on data collected in northeastern Brazil in partnership Avante, a fintech specialized in microcredit. Data were collected from microentrepreneurs who had access to credit (treatment group) and those who did not have their credit granted (control group) so that they could be compared. The analysis was divided into two parts. In Part I, a descriptive statistical analysis of the collected data was performed. In Part II, some simplified causal inference techniques were applied to validate whether the impact of microcredit existed for women microentrepreneurs. The results give strong indications that women, despite having a lower income, grow more than men after access to microcredit. The annualized growth in income of women was 19.87%, while that of men was 14.66%.


Download data is not yet available.

Author Biographies

Aine Lima, Colégio Etapa

Aine is a second-year student at Colégio Etapa in São Paulo, Brazil. Her passions include math, data science, astronomy, and chess. Aine is the national chess champion and silver medal in the South American chess championship. Recently, Aine has been involved in social impact research related to women's empowerment.

Sandro Cabral, Mentor, Insper Instituto de Ensino e Pesquisa

Sandro Cabral is a Professor of Strategy and Public Management at Insper and at the Federal University of Bahia (on leave), Brazil. He had visiting positions at NYU-Wagner and at HEC Paris. In his research, Sandro attempts to pave bridges between Strategy and Public Administration. His work has appeared in journals like Strategic Management Journal, Organization Science, Journal of Management Studies, Strategic Entrepreneurship Journal, Long Range Planning, Journal of Public Administration Research and Theory, Public Choice, among others.

References or Bibliography

ANGRIST, J. D .; PISCHKE, J. S. Mostly harmless econometrics: An empiricist's companion. 1.ed. Princeton University Press, 2009. 373p.

CUNHA, R. N., ONOZATO, E., GUIMARÃES, M. L., JUNIOR, P. A. B., GRECO, S. M. S. S., SOUZA, V. L. Entrepreneurship in Brazil. Global Entrepreneurship Monitor. 1. ed. Curitiba: IBQP, 2018. 174p.

FILHO, G. R. O. Impacts of microcredit: A quasi-experimental approach with entrepreneurs from the Northeast of Brazil. 2019. 55f. Dissertation (Professional Master in Economics) ¬– Department of Economics, Insper, São Paulo, 2019.

ALESP. Government of the State of São Paulo, Legislative Assembly. The importance of microcredit in generating employment and income. Available at: <https://www.al.sp.gov.br/noticia/?id=271622#:~:text=O%20microcr%C3%A9dito%20induz%20ao%20desenvolvimento,de%20garantia%20bem% 20more% 20access% C3% ADvel>. Accessed on: June 15, 2020.

ILO. Women Swell Ranks of Working Poor, says ILO. Available at: <https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_008066/lang--en/index.htm#:~:text=%22The%20bottom%20line%20is % 20that, author% 20of% 20the% 20ILO% 20report. & Text = Women% 20make% 20up% 20nearly% 2070, percent% 20of% 20the% 20world's% 20illiterate>. Accessed on: June 15, 2020.

INSPER. Socio-environmental impact assessment guide for use in impact projects and investments: general guide with a focus on verification of additionality. - 4th. ed. - São Paulo: Insper, 2020.

POMERANS, Dina. The promise of microfinance and women´s empowerment: what does the evidence say ?. 2014. 24f. Research (Ph.D. in Economics) - Harvard Business School, Harvard University, Boston. 2014.

SEBRAE. Female Entrepreneurship in Brazil. Special Report - São Paulo: Sebrae - Strategic Management Unit, 2019.

ALESP, Legislative Assembly of the State of São Paulo. The importance of microcredit in generating employment and income. Available at: <https://www.al.sp.gov.br/news/?id=271622#:~:text=O%20microcr%C3%A9dito%20induces%20to%20development, from%20guarantee%20well%20plus%20access%C3%ADvel>. Accessed on: November 15, 2020.



How to Cite

Lima, A., & Cabral, S. (2021). Quantitative Analysis of the Impact of Microcredit for Women Microentrepreneurs. Journal of Student Research, 10(3). https://doi.org/10.47611/jsrhs.v10i3.1791



HS Research Articles