The family's main source of income is Robert’s and his wife Salome’s monthly pensions. In addition, they have a commercial space, which is rented out as a grocery shop and they receive a small monthly payment. Total income of the family is so small that it is not enough to cover their monthly expenses, including food.
Robert's loan request was approved as part of a new joint initiative of Kiva and Credo. The start-up loan program envisions provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit, being regarded as “high risk borrowers.” With the loan, Robert will purchase grocery stocks. He wants to stop renting his commercial space and use it to open a grocery shop himself. This business will be profitable as the shop is already well known by locals. He plans on reinvesting the profit and purchasing more varieties of products to attract more customers, which will significantly increase the income of the family and 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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Success!! The loan was 100% repaid