Givi’s mother is working abroad. She is sending transfers to Givi. Also, he is renting out rooms in his house to get a small monthly income.
Givi requested a loan from Credo to start-up a family business. Givi has now been approved for a loan within the framework of the new joint initiative between 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, Givi will purchase a car. He will start driving it as a taxi and will serve local people, to earn additional daily income. Givi is a very hard-working man. He wants to start his own business and increase the family income. With the increased income, he will be able to improve his living conditions and provide a better future for himself.
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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