Sopio lives in Gori District. She is 24 years old, married and lives with her husband Gocha, her father-in-law and 6-year-old son. Sopio is unemployed at the moment. The source of income for the family is agricultural land, where they grow tomatoes, cabbages and apples. They do all relevant agricultural work to ensure a good quality of harvest. The harvested products are sold seasonally. Alongside this, they run a small dairy farm of two milk cows, whose milk is used in cheese products. The cheese is sold at the local open market. Sopio and Gocha decided to start their business as their existing income wasn't enough for the family and their living conditions are poor. Her loan request was approved in the frame of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provisions of business start-up and restartup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Sopio will purchase a car and her husband will serve to local people as a taxi driver. The income of the family will increase and they will be able to improve the living conditions of the family. Along with the above mentioned, the family will have enough income to access regular credit products available in the country’s capital market, in case of need.
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 Credo
LLC 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.