His family owns a vineyard and a plot of agricultural land, where nut trees are grown. George harvests the products to sell at the local markets and earns a small income for the family. His wife trades clothes with the villagers. Family total income is barely enough to cover their monthly expenses.
George requested a loan from Credo to start-up 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 involves providing 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 sheep and piglets. From the sheep George will sell lamb, after raising piglets he will sell them as a meat and this business will bring him a good profit. George will reinvest part of the profit in his agriculture, in order to develop it. Another part he will use for family well being. The new business initiative, financed with the Kiva start-up loans 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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