However, this income is hardly enough for a 3-member family to cover all daily costs and basic needs, so Rusudan decided to get another source of income alongside her main activity. For more than 3 years she has worked as a baker and has great experience in making good confectionery products.
Her request has now been approved within the framework of Kiva and Credo, so she is able to use a start-up loan for starting a private baking business in her house and getting private orders. The loan of 2,300 USD will help her to purchase a stock of merchandise such as pastry dishes. Rusudan thinks that the business will be profitable, as she will gain the loyalty of people by making a good product. This additional income will enable her to cover everyday costs as well as expand the business 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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