Her loan request was rejected several times by financial institutions, as she wasn’t able to satisfy their requirements because of lack of business experience and financial stability. She received the credit in the framework of a joint initiative of Kiva and Credo, a so called Start-Up program, which gives rural poor people the chance to start or re-start businesses.
With the loan of $2700, Nana will open a grocery store. She will purchase a stock of groceries and household goods. As the grocery shop is opened, Nana will become financially independent. The Start Up program will be a great support for the family, as their income will be significantly increased. With the increased income she will pay for her sons' educations and will expand her business in the future.
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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