Maguli and Biktor have a small poultry farm. They purchase chicks, raise them and sell them in the village at wholesale prices. The total average monthly income of the family is 310 Laris, including the monthly pension of Maguli’s mother-in-law. According to Credo estimations, Maguli’s family belongs to the subsistence poor.
Maguli requested credit in the frames of the Kiva start-up program for purchasing a car. She will be able to take hens with this car to nearby villages and sell them at retail prices. Even taking into account the cost of transportation (fuel), the profit for the family will significantly increase. The family will be able to increase their spending on family members’ daily needs, in order 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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