Revaz has his own car washing service. He is working there and washes cars to earn a small income for the family which is not enough to cover their monthly expenses.
Revaz requested a loan from Credo to restart a family business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and restart-up 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, Revaz will start trading clothes and household goods. He will purchase the products from the big market at the wholesale price and resell them among the villagers with a price markup. Revaz used to have this business before, and he is very experienced in this field. This will help him to restart up his business and make it successful. He will earn good profit which will be used for reinvesting and developing the business. 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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