The only source of income for his family is from agricultural activities. In particular, they have a milk cow and a calf, whose milk is used in cheese production. Besides this, Levan owns half a hectare of land, where maize is grown. They sell cheese and maize locally at a good price. According to Credo estimations, the family belongs to the subsistence poor category.
Levan requested a loan from Credo for a family business start-up. His loan request was approved in the frames of a new joint initiative between Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Levan will build a shed for hens. After the shed is built he will be able expand his livestock. This will increase his family's income. This new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of his family.
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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