Atesh applied for credit to start a fruit and vegetable trading business. His loan request was approved through a new joint initiative between Kiva and Credo. The program provides business loans with easy repayment conditions to the rural poor, who do not have access to traditional credit products - they are regarded as “high risk borrowers” because of their low income.
With the loan, Atesh will purchase a car and will start a new business: He will purchase fruits and vegetables from farmers at wholesale prices and sell them in nearby towns. The family's income will increase and, as a result, they'll be able to improve their living conditions. Hopefully, this rise in income will also help them qualify for traditional credit in their country, just in case they need future loans.
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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Success!! The loan was 100% repaid