Lizam is 46 years old. He lives with his wife and son in the Kaspi District of East Georgia. His son works as a guide, and Lizam is a driver. They both earn a monthly income, but their income isn’t enough to feed three family members. Lizam requested a loan to start a dairy farm. His loan request was approved as part of a new joint initiative from Kiva and Credo. The start-up loan program provides loans with reasonable terms to start-up businesses. These loans are provided to the country's rural poor, who do not have access to credit products because they are regarded as “high risk borrowers” due to their low incomes. With this loan, Lizam will purchase calves to raise. After they become milk cows, Lizam will start producing dairy products. He will sell cheese and other dairy products locally. This will increase the income of their family. The family's living conditions will significantly improve and the family will have enough income to access regular credit products available on the country’s capital market, 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 Credo
LLC 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.