All of the financial institutions rejected his loan requests, because of his unstable financial condition and lack of experience. After several unsuccessful attempts, Resan applied for credit to MFO Credo. His request was approved in the framework of a Start-Up program, which is a joint initiative with Kiva. This program enables the vulnerable poor to start or re-start businesses. A loan of $5000 will help him to purchase a minibus. He will work on the minibus line, transporting passengers from his village to Batumi city. The new business initiative will significantly increase the family funds. With the increased income, he will be able to improve the living conditions of his family members.
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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