George is working in a cleaning company on a small monthly salary, which is the only source of the income for the family. It’s rarely enough to cover all the monthly expenses, especially to pay Diana’s studying fees.
George requested a loan from Credo to start up a family business. George 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-startup 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 George will purchase equipment to open a car washing center. He has already rented a space, which was used as a car washing center before as well. After purchasing all the needed equipment George will wash cars and also carpets. As this place is already known among the locals, and since George will offer them new services, such as washing the carpets, he will have good numbers of clients. George is a very hard working man. He wants to earn more income to provide for his wife's studying and improve the family 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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