The family has been running an agricultural business for five years. Specifically, they grow trees and from the trees they make brooms to sell.
Jeikhun decided to diversify the business and raise calves to sell. He requested a loan several times but his attempts were rejected. The start up program, a joint initiative between Kiva and MFO Credo, gave him a chance to get a loan of 3,100 Gel. With this credit, Jeikhun will purchase four calves, raise them, and sell them in his district. The increased income will help him to the cover expenses of his 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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