Murtuzali is an artisan who works on private orders. In addition he is involved in agricultural activities. In particular, he has a milking cow and two calves, whose milk is used to make cheese products. They sell cheese at local markets for a good price. It is barely enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.
Murtuzali requested a loan from Credo to start a family business. He has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program provides credit for business start-up and re-startup with soft conditions to rural poor people who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low incomes. With the credit Murtuzali will purchase additional cows. As additional cows are purchased, the family will be able to produce more cheese products and thus increase their income. The new business initiative, financed with the Kiva start-up loan, 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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