They plan to purchase a calf. It will be grown and turned into a milk cow. The family will get milk and produce cheese for sale. A small part of the credit will be used for cultivation of the family-owned plot of land, where maize will be grown. Part of the harvested maize will be used for feeding the cow and the second part will be sold at the local market.
At the moment, the average monthly income of the family is 190 Laris (pensions). After a couple of months, when the cow starts milking, the income of the family will double. They will be able to improve their living conditions.
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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