Madona’s brother used to have a car and he used it for transportation of wood from the forest. He was selling wood in his and nearby villages and earning more than half of the total monthly family income. His car was damaged a month ago, David sold it and stopped the business activities.
Madona requested credit to purchase a car for David. David will use the car for transporting wood from the forest. Wood will be sold in nearby villages and the family will get additional income. Their living conditions will significantly improve.
Madona’s loan request was approved in the frame of the new joint initiative of Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. The received credit will allow the family to start a new business, which will give additional income to the family.
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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