The family runs an agricultural business. In particular, they have 2 cows. Sophiko milks the cows every day and produces dairy products to sell. In addition. they have a plot of agricultural land, where maize and nut trees are grown. They work hard to ensure a good harvest. The harvested products are sold to local retailers. As the income is only seasonal, Sophiko decided to request a loan for the family business. The Start Up program, which is a joint initiative with Kiva and Credo, enables her to get a loan of $2,400 for purchasing a used car. After the used car is purchased her husband will serve local people as a taxi driver. This will increase their income and they will be able to improve their living conditions.
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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Success!! The loan was 100% repaid