To provide more income for the family, Opelia decided to start a new business, and she chose to start a pharmacy. Unfortunately, she lacks the access to capital markets and financial institutions to obtain credit for starting a business, because they require a stable income and business experience. The Start Up program, created by Kiva and Credo, enabled Opelia to get a loan of 3,000 USD and start her business. With the received loan, she will purchase medicines, baby food products, and other products, and start a pharmacy on her street. Opelia will work as an apothecary herself, and hopes that the project will be profitable because there is not any other drugstore in her community.
Opelia is a very enthusiastic young woman, with a great desire to get ahead. This loan will be a great support for the family, as Opelia will be able to generate an income and improve the living conditions for her family members.
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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