Tamar stays home and takes care of her family, but she’s a very enthusiastic young woman and wants to generate her own income and help the family. The existing income, though, is not enough to cover everyday expenses So, Tamar decided to start up a grocery store but found that she didn't have enough money to do so.
Unfortunately, Tamar was unable to obtain a loan from an existing financial institutions, as they required a stable income and business experience as a precondition to a loan. But Tamar has now received her loan within the framework of a new joint initiative between Kiva and Credo. This start-up loan program provides start-up and re-start up loans with easy terms to the country's vulnerable poor who do not have access to credit.
With a loan of 2,400 USD Tamar will purchase groceries to stock the store. Tamar will care for her clients and treat them in a kind and friendly way. With this determination and her loan she expects to improve her income and give her family members better 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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