Tina couldn’t receive a loan from the local financial institutions, because of their requirements to have business experience or stable revenue, until the Start Up program began which is a joint product of Kiva and Credo. The program allows vulnerable poor like Tina to get a chance for starting or re-starting businesses. She requested a loan of 1200 USD to restart trading furniture. Tina will go to Turkey and purchase the products at wholesale prices and then resell among her old customers who already expressed an interest in buying the furniture. Part of the loan will be used for partitioning her house. Tina will rent out half of it to get a monthly income.
Because of the Start Up program, Tina will be able to make savings and provide a better future for her child.
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