Check out some available loans that are similar to this one!
Badri
Badri is 52 years old. He is married and lives with his wife, their 15-year-old son, and his mother. Badri's mother is provided with a retirement pension. Badri requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions.

The only source of income for the family, aside from the pension of Badri's mother, is their agricultural activities. In particular, they have two milking cows, whose milk is used in cheese products. In addition, they have a vineyard and 600 nut trees. They sell approximately 1500 kg of grapes and 600 kg of nuts, seasonally. They earn hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Badri requested loan from Credo to start up a family business. Badri 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 restart-up credits. with soft conditions, to rural poor people who do not have access to other credit products. These rural poor people are regarded as “high risk borrowers” because of their low income.

With the received credit, Badri will purchase a car. After the car is purchased, Badri will be able to trade in fruits and vegetables. He will use his car to transport in different villages, and thus increase the income of their family. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.

Additional Information

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 Credo

LLC 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.

Tags

About Georgia

  • $4,600
    Average annual income
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Badri to purchase a car and use it to transport fruits and vegetables.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 29, 2013
Listed
Jul 12, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013