Zviad rents property to earn a small monthly income. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the "subsistence poor" category.
Zviad has requested a loan from Credo to start a family business. His loan request was approved as part of a new joint initiative of Kiva and Credo. The start-up loan program provides credit to start and restart businesses. The loans carry soft conditions and are provided the rural poor who typically do not have access to credit products, being regarded as “high risk borrowers” because of their low incomes. With the loan Zviad will renovate rooms in his house in order to rent them out and increase the income of the family. He hopes that the new business initiative, financed with the Kiva start-up loan, will significantly 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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