Because the existing income is seasonal and is not enough for the family, Dato decided to start a new business. All the financial institutions rejected his loan requests, because of his unstable financial condition and lack of experience. After several unsuccessful attempts, Dato applied for the credit to MFO Credo. His request was approved as part of the Start Up program, which is a joint initiative of Credo and Kiva designed to enable the rural poor to start or restart businesses. With a loan of 3,000 GEL, Dato will build a greenhouse. After the greenhouse has been built, he will be able to grow tomatoes, cucumbers and greens. This will increase the income of their family. With increased income, they will be able to improve their living conditions.
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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