Sadly, for lack of economic resources and because he had to start working at a very young age, Archil was unable to study a professional career. Archil works hard on family-owned agricultural land, growing maize and nut trees. He always has high quality products, which are sold to local retailers for a good price. Besides this, he has a milking cow and produces dairy products to sell.
As the family has only seasonal income, Archil decided to start his own business and sought credit among local financial institutions, but his attempts were unsuccessful because of his poor living conditions. The startup program that is a joint initiative between Kiva and Credo enables rural poor and inexperienced people to get a loan for starting or re-starting businesses. His application was approved under the framework of this program to get a loan of $3,500. With the received credit, he will purchase a minibus and transport people. This will give him a chance to generate stable income and improve the living conditions for his family.
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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