His family owns a small plot of land where they grow kiwi and sell it locally at the markets. Tengiz’s wife Mzia is a teacher of biology. She has private students and gets a small monthly salary. In addition they have income from Tengiz’s mother’s monthly pension.
Tengiz requested a loan from Credo to start-up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Tengiz wants to purchase counters and anti-parasite drugs. He has a shop where he plans to sell the products. As tilling season is starting soon and people will start cultivating their land, Tengiz hopes his product will be demanded from the locals. As he will work the shop himself and will not have to pay rent, the business will be more profitable. He will reinvest part of the profit into the same business and use the rest for his family's wellbeing.
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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