Asmat decided to improve their living conditions somehow and requested a loan for her husband so he can be involved in his own business. Her application was approved within the framework of the joint initiative between Kiva and Credo that gives people a chance to start or restart businesses.
Asmat will use the requested money for renting a stall in the local market, purchasing a stock of car spare parts, and starting trading. Her husband will head up all activities related to this business. The income from this source will be great help for the family so they rely on the goodwill of lenders.
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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