Their village is far from the town, and there is no convenient public transportation to the town. In the village there is a low employment rate, and people who are employed have to go to town by taxi. They have already found a car to buy for Magarram to use as a taxi, and Elmira decided to request a loan for purchasing it. The Start Up program, which is joint initiative with Kiva and MFO Credo, gives her a chance to get a loan of $2,000. After purchasing a car, Magarram will serve local people as a taxi driver and generate income. He already has a driver’s license.
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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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