Inga has requested loans from local financial institutions several times for an agricultural start-up business, but without any success. Her requests were always rejected, because of her family’s low income and poor living conditions. Inga then requested a loan from Credo to start a new business: apiculture (beekeeping). Her loan request was approved within the framework of a new joint initiative between Kiva and Credo. This start-up loan program provides credit to the rural poor who do not have access to it, and are regarded as “high risk borrowers” because of low income. With this loan Inga will purchase 40 bee-hives with bee colonies, and place them in an old empty farm building located in their yard. Inga will work hard. She will produce honey and sell it along with her wine in the village and at the local open market. Her new business, financed with this Kiva start-up loan, will double the family’s income and allow them 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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