George opened a grocery shop recently where he sells different kinds of groceries. The only income of the family is the monthly pension of George’s parents and a small profit from the shop. According to Credo estimations, the family belongs to the subsistence poor category.
His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of 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 low income.
George requested a loan for purchasing more stock of groceries, which will help his newly started business to develop. He will reinvest the profit in the same business. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family and George will be able to better look after his aged parents.
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