With their cow and two calves, the family produces cheese for selling. David works hard on family-owned agricultural land, growing maize and nut trees. His high-quality products are sold to local retailers for a good price.
As the family has only seasonal income, David decided to start a transportation business. He sought credit from local financial institutions, but his attempts were unsuccessful because of his poor living conditions. A startup program, 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 for a loan of 3400 Gel.
With the received credit David will purchase a truck to transport a variety of cargo, thereby increasing the family's income. The new business initiative will give him a chance to have financial stability and a 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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