David works on the minibus line and gets 525 Gels per month. As this income is not enough for the family, David requested a loan and seeks credit among local financial institutions, but his attempts were unsuccessful because of his poor living conditions.
This 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. David's application was approved under the framework of this program to get a loan of $2500 to purchase a car to start taxi business. He will serve the local people as a taxi driver and will be able to increase the income for his family.
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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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