Because the family has only seasonal income, Salome decided to start a shoe-trading business and seek credit among local financial institutions. However, her attempts were unsuccessful because of her poor living conditions. The Startup program, which is a joint initiative between Kiva and Credo, enables rural poor and inexperienced people to get a loan for starting or re-starting businesses. Her application was approved under the framework of this program to receive a loan of $2000. With the credit, Salome will purchase a stock of shoes and then resell them at a good price. She plans to go to Turkey and purchase the products at wholesale prices and then resell among her friends and villagers. This will give her a chance to earn income and become financially independent. Thanks to the the Startup program Salome will be able to make savings and provide a better future for herself and her 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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