Indira requested credit for starting up an agricultural business. Her loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with easy conditions for country rural poor, who do not have access to credit products, and are regarded as “high risk borrowers” because of low income.
With the loan Indira will start up a dairy farm. She will purchase four milk cows. Cows will be placed in an old cattle-shed, located in Indira’s yard. She will produce on average 100 kg of cheese, 90 of which will be sold on the local market, to dairy products retailers. The income of the family will increase by 500 – 600 Laris, which will mean 150 – 200% increase. The living conditions of the family will significantly improve and the family will have enough income to access regular credit products available on the country’s capital market.
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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Success!! The loan was 100% repaid