His loan request was approved within the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits, with soft conditions to country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income.
With the received credit, Zurab will purchase a mini-bus. He will use it for trade activity, selling fruits and vegetables. He will purchase fruits and vegetables from local farmers at wholesale prices and take them with the mini-bus to nearby towns for resale. According to Zurab’s estimations, the monthly income of the family will increase by approximately 300 Laris, which means a 110% increase. Zurab will be able to create better living conditions for his children, as well as the other family members. Also, the family will have enough income to access regular credit products available on the country’s capital market in the future, in case of need.
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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Success!! The loan was 100% repaid