The family owns a small plot of agricultural land where vegetables are grown. Harvested products are sold at the local market. Malvina's father has a car that he drives as a taxi to earn additional income for the family.
Malvina requested a loan from Credo to start a family business. Malvina 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 her credit, Malvina will open a café. She will pay the rent and purchase all the needed equipment and products to open the business. She already has found a very good place for a café. This place is in a populous area and Malvina hopes that it will help the business to be successful. She will work in the café herself, in order to have minimum expenses. Part of the profit will be reinvested in the same field. The new business initiative, financed with the Kiva Start-up loan, 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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