Zaza’s oldest son is working in the Ministry of Internal Affairs on a small monthly salary (400 GEL), which is the only source of living for the family.
Zaza requested a loan from Credo to start up a family business. He 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 re-start-up credits with soft conditions to rural poor people, who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low income.
With his credit, Zaza will purchase all the needed equipment and furniture to open a restaurant. He has a building which is under construction now. Zaza is working very hard to make the restaurant look nice and have good food there to satisfy the clients. The restaurant is located in a very beautiful area, and Zaza hopes this will help him to attract a lot of people.
Zaza and his family members will work in the restaurant themselves and try to make the business successful. It will increase the family income, and they will be able to 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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