Ekaterine graduated from teachers' college, and works as a teacher at the local public school. Unfortunately, a teacher’s salary is not enough to make ends meet for a family. In the region, there is a high unemployment rate, but self-employment helps inhabitants to make living. So, she decided to start her own business with a loan, but the local credit providers usually demand experience and some stable income from the borrowers. Ekaterine’s credit requests were rejected several times, as she was unable to satisfy their requirements. She received the credit in the framework of a joint initiative of Kiva and Credo in a start-up program that gives rural poor people the chance to start or re-start businesses.
With the loan of $5000, she will purchase stock of groceries and open a grocery shop. This will increase the income of her family. 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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Success!! The loan was 100% repaid