The family has their income from a newly-started business in their local town. Aleksandre has a fast food café. He sells the produced food from the café, as well as taking private orders.
The café is a profitable project, but it needs support for further development. His loan request was approved in the frame of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to rural poor people who do not have access to credit products, being regarded as “high risk borrowers” because of low income.
With the received credit, Aleksandre will purchase a refrigerator and gas cooker that will be used for cooking meals. According to his estimations, his project will be profitable, and he will attract many customers. As a result of the new business initiative, the income of the family will increase and their living conditions will improve.
In addition to the above mentioned, in case of need in the future, the family will have enough income to access regular credit products available on the country’s capital market.
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.
89View loans »
Success!! The loan was 100% repaid