Manana is 42 years old. She lives in the Gurjaani District, East Georgia with her brother and parents, who are provided with a retirement pension. The family has a vineyard and sells grapes locally at a good price. She has requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was always rejected, due to lack of experience in a new business. Experience is usually demanded by local credit providers. Manana requested a loan from Credo to start up a family business. Her loan request was approved under a new joint initiative between Kiva and Credo. The start-up loan program envisions providing business start-up and re-startup credits with easier conditions for the country's rural poor, who do not have access to credit products and are regarded as “high risk borrowers” because of low income. With the received credit, Manana will purchase used clothing and sell it from her house among her neighbors. She will begin her entrepreneurial activity with a wide assortment of merchandise and high sales volume. This will increase the family's income. She wants to develop her business further and reinvest the increased income in trading. The new business initiative financed with the Kiva start-up loan will significantly improve the living conditions of the family. She is grateful in advance for your support.
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.