David's family is involved in agricultural activities. They have a plot of land, where they grow different kinds of vegetables. David’s son works as an artisan and gets a small monthly income. According to Credo estimations, the family belongs to the "subsistence poor" category.
David has requested a loan from Credo to start a family business. He has been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program provides business start-up and restart-up credit with soft conditions to the rural poor, who do not have access to other credit products because they are regarded as “high-risk borrowers.” With his loan, David will build a greenhouse. After the greenhouse is built, he plans to sow vegetables. The harvested vegetables will be sold at local markets, which he hopes will increase the family's income. David anticipates that 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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