Bagrat is a very hard-working man, and he has been in this business for 21 years. He requested loans from local financial institutions several times for his family business start-up, without any success. His loan requests were rejected because of his low income and the family’s poor living conditions. According to Credo estimations, the family belongs to the "subsistence poor" category.
Bagrat's current loan request was approved through a new joint initiative of Kiva and Credo. The start-up loan program provides start-up and restart-up credit with soft conditions to the rural poor, who are considered “high risk borrowers” and often do not have access to credit products because of their low income. Bagrat has requested a loan to buy a mini bus. He wants to start working on the local bus line, transporting locals from his village to the district. The new business initiative will hopefully increase the family's monthly income and 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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Success!! The loan was 100% repaid