The family's only source of income of the family is Anzor's monthly salary. He is an agricultural worker in the village. The family's monthly income doesn’t exceed 200 GEL, or approximately 120 USD. It is hardly enough to feed a four-member family. According to Credo estimations, the family belongs to the subsistence-poor category.
Anzor is requesting this loan through Credo to start a pig farm. His loan request was approved in the frames of the new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of their low incomes.
With the loan, Anzor will purchase piglets and feed. He will place his piglets in an old empty pig farm located in his yard. Anzor will work hard in the farm and, after 6 months, he will be able to sell first piglets. The new business initiative, financed with the loan, will significantly increase the income of his family. Anzor will be able to create better living conditions for his son and grandchildren.
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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