Temuri lives in Ozurgeti District. He is 38 years old, married, and lives with his wife, mother, and three children who go to the local school. Temuri is, at the moment, unemployed. The only source for the family is agricultural land, where they grow nuts and maize. They sell the harvested products seasonally. Besides this, Temuri’s mother is involved in the trading business and sells gifts and toys in the local district. Temuri decided to start his business as their existing income isn’t enough for the family and their living conditions are poor. His loan request was approved in the frame of a new joint initiative with Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-start-up credits with soft conditions to country 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, Temuri will purchase a car and provide taxi services to local people. The family's income 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.