Eva requested a loan from local financial institutions several times for further developing her business, but without any success. Her loan request was rejected all the time because of lack of experience in her business, which is usually demanded by local credit providers.
Her loan request was approved within the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages 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, Eva will cover the costs of purchasing her stock of basic groceries for starting a grocery store. She plans to work hard and increase the turnover in her business gradually. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the 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 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