The family has a vineyard and a small plot of agricultural land. They grow grapes and different kinds of vegetables. Harvested products are sold locally at the markets. Archil also has a car. He is working on private orders and transports different kinds of cargo to bring additional income to the family.
Archil requested a loan from Credo to start up a family business. His loan request was approved in the frame 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. These people do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Archil will purchase two damaged cars. He will dismantle them for parts and will start selling them separately. As car parts are highly requested in his area, Archil will make a good profit from his new business. Increased income will significantly improve the living conditions of the family.
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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