The only source of the income for the family is the monthly pension of Nino’s grandmother. According to Credo estimations the family belongs to the subsistence poor category.
Nino requested a loan from Credo to start up a family business. Her loan request was approved in the frame of a new joint initiative of Kiva and Credo. The start-up loan program envisions provision of business start-up and restart-up 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, Nino will cover the costs of purchasing her stock of basic groceries. She owns a small commercial space where she will start a grocery store. As Nino doesn’t have to pay rent, the business will be more profitable and with the profit she plans to increase the turnover in her trade business gradually. 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 regular available credit products in the country’s capital market in the event they need them.
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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