Family has three milk cows. The cows are milked every day to make cheese and sell it locally at the markets, to get a small daily income. Their additional income is Mamuka’s mother’s monthly pension.
Mamuka requested loan from Credo to start a family business. His loan request was approved by the new joint initiative of Kiva and Credo. Start-up loan program involves providing business start-up and re-startup credit, with soft conditions to country rural poor, who do not have access to credit since they are regarded as “high risk borrowers” because of low income. With the credit Mamuka will purchase a truck. He wants to start working on private orders to transport a variety of cargo. This will help him to earn additional income for the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of their 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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