The family's existing income is too small to cover daily expenses. That is why Ekaterine has decided to purchase a car so that her husband can work as a taxi driver. Ekaterine’s husband is jobless and was unable to find an appropriate job because there is a high unemployment rate in the region. With the credit received, Ekaterine will purchase a car, and it will be used as a taxi. Her husband will work as a driver to increase the family's income. Local people often use taxi services because the minibus line works hourly and they have to wait for transportation for a long time. The new business initiative, financed with this Kiva start-up loan, will significantly improve the living conditions of the family.
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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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