George’s father is an artisan. He works on private orders on construction and house renovations to get small monthly salary. This is the only income for the family, and it is not enough to cover monthly expenses.
George requested 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. This start-up loan program seeks to provide 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. With the received credit, George will purchase a digital camera. He will go on the weddings as an photographer, take pictures and edit them. George is very talented in taking pictures and people in his district know about it, so he will have many clients. As he will not have many expenses, George will make a good profit from this business. This 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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