Tamar wants to supplement her family's income by renovating her second house so she can rent it out seasonally. Summertime is the high season in Kobuleti and several people have already expressed an interest in living there, but she has been unable to get a loan from several local financial institutions to pay for renovations. That is why she is requesting a loan from Kiva and Credo, which help people who do not qualify for conventional loans. She will use the loan to buy the materials she needs to renovate her house. Tamar hopes that renting out the rooms will be profitable and increase her income so that she and her sister can 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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