Nino requested a loan for restarting her grocery store business. Nino’s loan request was approved, as part of the new joint initiative of Kiva and Credo. The start-up loan program provides credit for business start-ups and restart-ups, with soft conditions, to rural poor people who do not have access to credit products, being regarded as “high-risk borrowers” because of their low income. With the received credit, Nino will cover the cost of purchasing a stock of basic groceries and restarting the grocery store. She hopes her project will be profitable, because she has enough experience in this field. Nino plans to increase the turnover in her grocery business, gradually.
The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. Nino will work hard, and she will be able to improve the living conditions for her family. With this loan, her family will generate enough income to access credit products that are regularly available in the country’s capital market, in the event that they need to in the future.
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