The family runs an agricultural business and has a milk cow, a calf, two pigs, and four goats. The main income for Darejan is her grocery store, selling different types of groceries. It has been profitable project, but also it needs more support to further develop. Several times she has asked for loans from local financial institutions to develop her business, but without success. Her loan requests were rejected each time because of the low income.
Darejan’s loan request was approved as part of the new joint initiative of Kiva and Credo. The start-up loan program provides business start-ups and re-startups with credit with soft conditions to the rural poor who do not have access to credit products, since they are regarded as “high-risk borrowers” because of their low income. With the received credit, Darejan will cover the costs of purchasing needed stock of basic groceries that customers often request. She plans to increase the turnover in her trade business gradually.
The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. Darejan will work hard, and she will be able to improve the living conditions for her family. With this loan, her family will generate enough income to access regular available credit products in the country’s capital market, in the event that they need it.
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