Nika grows peaches on the family-owned land and sells the fruit seasonally. He also owns a tractor and rents it at tiling season. The total average monthly income of the family is 350 GEL, which is hardly enough for a four-member family. According to Credo estimations, Nika’s family belongs in the "vulnerable poor" category.
Nika has decided to start an agricultural business. He has requested credit from Kiva so he can buy calves. He will grow calves and sell them in the summer for a higher price. This will provide additional income to the family, and they will be able to improve their living conditions.
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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