The main source of the income for the family is from agricultural activities. In particular, they have a plot of agricultural land where potatoes, cucumbers and tomatoes are grown. Harvested products are sold locally at the markets and the family gets a small monthly income which is not enough to cover their monthly expenses.
Saiat requested a loan from Credo to start-up a family business. His loan request was approved in the framework of new joint initiative of Kiva and Credo. This start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.
With the received credit Saiat will purchase a mini-bus. He will start driving on a bus-line from Marneuli in the direction of Baku. His new business will bring an additional income to the family and help them to improve their living conditions.
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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