The only source of the income for the family is from the agricultural business. In particular, they have two pigs and sell piglets seasonally. They also have three milking cows, whose milk is used in cheese production. In addition, they have 0.9 hectare agricultural land and vineyard with 1800 wine trees. They harvest grapes and make wine and vodka to sell. It is hardly enough food for the family. According to Credo estimations the family belongs to the subsistence poor category.
Eka requested a loan from Credo to start-up a family business. Her loan request was approved in the frames of the 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 Eka will build a shed for chicks. After the shed is built she will be able to purchase chicks, raise them to sell, and increase the income of the family. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.
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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