Aluda requested credit for re-starting a family business. The family has a small bakery, which used to be used for production of confectionery products. The problem which caused the bakery to close a couple of years ago was the lack of clients in the village. If Aluda could take the products to neighboring districts and villages, he could sell them.
Aluda requested credit to purchase a small mini-bus to transport the bakery products. He will sell them to the grocery shops in nearby villages. Also he will sell through the same channels their cheese for a higher price.
Starting up this business again will significantly increase the income of the family. They will be able to purchase additional household goods, to improve their living conditions.
More information about this loan
This loan is part of Credo's startup loan program targeting particularly vulnerable clients who live at the subsistence level and have been unable to obtain credit due to lack of income from an existing business. This program offers them a longer repayment term and an annual interest rate that is 5% lower than the standard interest rate. By funding this loan, you are supporting a program that gives borrowers a second chance to start and grow small businesses. This has the potential to alleviate the effects of poverty, significantly improving borrowers' incomes and their families' quality of life. Learn more about Credo's startup loan program on the Kiva Blog.
About LLC Micro Finance Organization CredoLLC Credo (Credo) is a microfinance organization in Georgia that provides sustainable credit services to alleviate poverty in rural areas, including business loans, agriculture loans, household loans, crop insurance and more. Kiva lenders’ funds are used to help the organization expand its outreach to even more entrepreneurs, farmers and households in remote areas.
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