Pikria and her husband are working, receiving small monthly salaries. She is an accountant at the local factory, and Besik is an artisan and works on house renovations for private orders. The family also runs an agricultural business. In particular, they have a vineyard and a milk cow. The cow is milked every day to make dairy products, and these are sold with the harvested grapes, at local markets. The family receives some additional income -- specifically, Pikria’s mother-in-law’s monthly pension.
Pikria requested a loan from Credo to start up a family business. Pikria has now been approved for a loan, within the framework of the 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 rural poor people who do not have access to other credit products. These rural poor people are regarded as “high risk borrowers” because of their low income.
With her credit, Pikria will purchase a truck. Her husband will be driving the truck and transporting cargo on private orders. This will help them to earn additional income for the family. The profit will be used for expanding the agricultural 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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