The family is involved in agricultural activities. In particular, they have three cows and they produce cheese to sell. In addition, they have a plot of agricultural land where maize, potatoes, and cabbages are grown to sell.
Malkhaz decided to start grocery store and he requested a loan. The start-up program, which is a joint initiative between Kiva and Credo, enables him to get a loan of USD 4,000 to purchase a stock of groceries.
When the grocery store is opened, Malkhaz will be able to generate a stable income and, thus, improve the income of the 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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