Elene requested loans from local financial institutions several times to build a greenhouse, but without any success. Her loan applications were always rejected because of the family’s low income and poor living conditions, typical reasons for those regarded as high-risk borrowers.
Then Elene applied for a 2600 GEL start-up loan from Credo. It was approved within the framework of Credo and Kiva’s new joint initiative. This program provides both initial and successive business loans at more reasonable terms to country rural poor.
With her loan Elene and her husband will build their greenhouse. They will grow greens, cucumbers and tomatoes to sell and so increase their income. Credo’s new business initiative, financed through the assistance of Kiva lenders, will significantly improve the living conditions of Elene’s 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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