The main source of income for the family is from agricultural activities. In particular, they have two milk cows, which are milked every day to produce dairy products. They also have a vineyard, and with the harvested grapes, they make vodka. All the family members are involved in their agriculture and they work hard to earn a small monthly income. Dairy products and vodka are sold at the local market in Baghdati district. The family's additional income is Levan’s salary. He is an artisan and works on private orders on construction and house renovations.
Levan requested a loan from Credo to start up a family business. Levan 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, Levan will build a greenhouse. He will plant there greens and cucumber. After harvesting the products, they will be sold together with other products at the local market, and the family income will significantly increase. Levan hopes to reinvest the profit in his agriculture, in order to develop it and have a better profit. With the increased profit, Levan will be able to insure a better life for his 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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