Mamuka is a car artisan and has his own workshop. He installs gas systems in cars and gets a small monthly income which is rarely enough to feed the family. According to Credo estimations, the family belongs to the 'subsistence poor' category.
Mamuka requested a loan from Credo for his business. His loan request was approved in the framework of new joint initiative between Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits, with soft conditions to country rural poor, who do not have access to credit products, being regarded as 'high risk borrowers' because of low income.
With the received credit, Mamuka will purchase gas containers and a special system for installing the gas in cars, and to have this in stock since he already has orders. Mamuka hopes the business will be successful as he is experienced in his business and has a large number of satisfied clients. The new business initiative, financed with the Kiva start-up loan, will give Mamuka the chance to develop his business and to provide better 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