Lamzira requested a loan from local financial institutions several times for family business start-up, but without any success. Her loan requests were rejected all the time because of low income and the family’s poor living conditions. Lamzira requested a loan from Credo to start-up family business. Her loan request was approved in the frames of a 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, Lamzira will purchase a stock of vegetables and renovate the small store house that she owns. She will buy a big stock from the resellers at low cost and sell at a good price through the whole season. This will bring her a good profit. With part of the profit, she will buy stock for the future and expand her trading business and another part she will use for her family's well-being.
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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