Elene has requested credit for the setup of a dentist's office for her son. Her loan request was approved in the framework of new joint initiatives by Kiva and Credo. The startup loan program envisages a provision for business startup and re-startup credits with soft conditions for the country's rural poor. Regarded as “high risk borrowers” because of their low income, the country's rural poor lack access to credit products.
With the credit, Elene will purchase all the needed equipment to start a dentist's office for her son. The office will serve the population of Akhmeta District. Since Zurab is a good professional, with relevant work experience, he will have many clients. For the first year, Zurab will use the entire profit to cover the loan as well as to reinvest in the business. The living conditions of the family will significantly improve, and the family will, in case of need, have enough income to be able to access regular credit products available in 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