George is a dentist and he is working in a local clinic where he gets a small monthly salary. His father is retired and gets a pension. Also, his mother is an invalid and gets a small monthly payment from the government. According to Credo estimations, the family belongs to the subsistence poor category.
George requested a loan from Credo to start-up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages 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.
With the received credit, George wants to rent a place to start a dental clinic locally. He will purchase all the needed dental equipment and operative supplies. George hopes his business will be profitable as he already has his clients from the current job. The new business initiative, financed with the Kiva start-up loan will increase his income and his family members will be able to increase their spending to satisfy their daily needs, in order 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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