Aslan is an artisan. He is working on constructions for private orders and gets a small monthly income which is rarely enough for the food for the family.
Aslan requested loan from Credo to start up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages a provision of business start-up and re-startup credits with soft conditions to rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Aslan will purchase two cars to start a food business. After purchasing cars he will buy food products at the wholesale price from the big market in Kutaisi district. All the products will be transported by cars in nearby regions to sell with the price markup among the villagers and at the local markets. Part of the profit Aslan will be reinvesting for purchasing more variety of product to offer better choice to the customers. Another part will be used for family well being. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the 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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