Irma’s family lives in poverty, so they get a small monthly assistance from the local government. Irma’s daughter, Mariam, has recently graduated from hair stylist school and wishes to start working at the beauty salon. Unfortunately, the family is not able to buy needed accessories for Mariam. That is the reason why Irma is requesting the loan now.
With the received amount, she will purchase hair salon equipment such as hair brushes, combs, hair clippers, scissors, a dryer and other supplies. Mariam will start working as a stylist and will generate income. The family will be able to get additional funds and improve their standard of living in future.
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