She buys clothing in Turkey and resells these items to local retailers. Lamara requested a loan from Credo to start up her own store and sell the clothing herself. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of a 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 low income.
Lamara will purchase clothes in Turkey for wholesale prices and resell them in her store for a profit. It will be hard work for Lamara, but according to estimations, her business will be profitable and will increase the income of the family. The increased profit will be reinvested in clothing trading to increase her stock and sales volume. The family members will be able to earn some savings and buy their own house. Lamara awaits 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 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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