Irina’s husband Ucha is an artisan. He works on house construction and renovations for private orders to earn a small monthly salary, which is the only source of the income for the family.
Irina requested a loan from Credo to start a family business. Irina 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 the 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 her credit, Irina will open a shoe shop. She has already rented a commercial space in a very populous area and now wants to fill it up with shoes. Irina will work in the shop as a seller herself in order to decrease expenses and increase her income. She will reinvest part of the profit in the same field and purchase more varieties of shoes to satisfy client needs more. Another part of the profit will be used to improve the family's living conditions and insure a better life for her son.
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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