Nona owns a shop, where she sells mobile phones and accessories. She has a need for money to purchase more mobile phones and has been applying for credit among local financial institutions. Her attempts have been unsuccessful though due to her poor living conditions. This start-up program, which is a joint initiative between Kiva and Credo, enables both poor rural and inexperienced people to get a loan for starting or re-starting businesses. Her application was approved under the framework of this program to get a loan of $1300.
With the received credit she will purchase new mobile phones and accessories and will be able to offer her clients a wider assortment of products. This enhanced assortment will increase her sales and her income. With increased income, she will be able to expand her business in the future.
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