Genad works hard on family-owned agricultural land. He has a vineyard and grows nut trees. He always has high-quality products, which are sold to local retailers for a good price. Besides the agricultural activities, he trades in fruits and vegetables seasonally. As the family has only seasonal income, Genad decided to open a grocery store. He sought credit among local financial institutions, but his attempts were unsuccessful because of his poor living conditions.
The start-up loan program, a joint initiative between Kiva and Credo, enables rural poor and inexperienced people to get a loan for starting or re-starting a business. Genad's application was approved under the framework of this program, and he will get a loan of $5000 US. With the received credit, he will purchase a stock of groceries and will open a grocery store. He will offer a wide assortment of products to his customers, to satisfy them. The new business initiative will give him a chance to have financial stability and monthly income.
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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