Mamuka requested a loan from Credo to start up a family business. His loan request was approved within the framework of a new joint initiative between Kiva and Credo. The start-up loan programs extend business start-up and re-start up credits with soft conditions to the country rural poor. These families do not have access to credit products, because they are regarded as “high risk borrowers” because of low income. With the received credit, Mamuka will purchase grapes and sugar to produce wine. After the products are purchased, the family will be able to sell a good quality wine at a high price. This will increase the income of his family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family. Mamuka awaits your support.
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