The family has a car. Nadia’s husband drives it as a taxi to earn a small daily income, which is the only source of income for the family.
Nadia requested a loan from Credo to start-up a family business. Her loan request was approved in the frames of a new joint initiative between Kiva and Credo. The start-up loan program has provisions for business start-up and re-startup credits with soft conditions to the rural poor who do not have access to credit products, as they are regarded as “high risk borrowers” because of their low income. With the received credit, Nadia will open a dining hall at the local school. She will cover the expenses for a license and purchase all the needed equipment. This business will not only help her to earn an additional income, but it will also provide students with a good lunch. With the increased income, Nadia will be able to cover their monthly expenses and provide better living conditions for her family members.
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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