Ramaz is an artisan. He works at the local furniture workshop on a small monthly salary. His father is an artisan too, who works on construction for private orders. The family's additional income is from Ramaz’s parent’s monthly pensions.
Ramaz requested a loan from Credo to start-up a family business. His 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 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 Ramaz will purchase all the needed materials to open his own furniture workshop. As he is already experienced in this business and is well known among the villagers, Ramaz will have a good numbers of clients. He will not depend on a salary anymore and work hard to earn good income for the family. The increased income will help him to provide better living conditions for his aged parents.
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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