Maka’s husband is a mini-bus driver and gets a monthly income. Maka runs a beauty salon and has 13 years of experience in this business. She works as a hair stylist. Her salon has been profitable but it needs more support for further development. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisions the provision of a business start-up and re-start-up credits with reasonable conditions for the country's rural poor who do not have access to credit products since they are regarded as “high-risk borrowers” because of low income.
Maka wants to purchase building materials to renovate her salon. She will also needs modern inventories and to employ an additional stylist.
According to her estimates, the business will be profitable and will increase the income for her family. The increased profit will be reinvested in the same business. Her family will be able to increase their spending to satisfy their daily needs and improve their standard of living.
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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