Aslan has requested loans from local financial institutions several times to start-up a family business, but without any success. His loan request was rejected each time, because of their low income and the family’s poor living conditions.
Aslan requested la oan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages the 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 their low income.
Aslan has decided to open a workshop, where he will make furniture. He has one years experience in this field - he had worked as an artisan in a furniture workshop and decided to open his own workshop in his house. With the credit received from Credo, he will purchase raw materials and equipment for the workshop. His business will help to increase his income. The new business initiative, financed with the Kiva Start-up loan, will significantly improve Aslan's 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