He wants to expand the family farming activity, so he sought credit among local financial institutions. The Start-up Program, which is a joint initiative between Kiva and Credo, enables rural poor people to get loans for starting or restarting businesses. His application was approved under the framework of this program, to get a loan of 3,500 GEL. He will use the loan for purchasing grape vine seedlings and expanding the vineyard, and also to purchase calves. He will cultivate the purchased seedlings and will pick more grapes in future, after expansion of the vineyard. He will also raise the calves, and the family will start producing dairy products to sell -- for example, cheese and yogurt. They could also use the milk products for feeding the family. The new business initiative will give Demuri a chance to have financial stability.
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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