Mikheil has a car. He drives it as a taxi to earn a daily income. His uncle is working on the bus line. Mikheil’s cousin, Levan, is an artisan and works on constructions and renovations for private orders. They all get a small monthly income.
Mikheil requested a loan from Credo to start up a family business. His loan request was approved in the frames of new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high-risk borrowers” because of their low income. With the received credit, Mikheil will install gas equipment in his car, as it is much cheaper than petrol. He will continue driving it as a taxi. This will significantly decrease his expenses and increase his profit. Having an increased income will give Mikheil an opportunity to provide better living conditions for his 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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