Maia was involved in the same type of business during three years and worked as a saleslady, but the owner decided to stop the business because of financial problems. Maia started her own business, as the project was profitable. Her loan request was approved in the frames of new joint initiative between Kiva and Credo. The start-up loan program envisages provisioning 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 their low income.
With the received credit, Maia will enlarge and develop her store. She will purchase stocks at wholesale prices and sell for a higher profit. The new business initiative, financed with the Kiva Start-up loan will significantly increase her monthly income and Maia will reinvest the received profit in the same business. She awaits your help and kindness.
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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