Datuna has requested a loan to start a dairy farm. His loan request was approved as part of a new joint initiative between 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 vulnerable poor, who do not have access to credit products because they are regarded as “high risk borrowers” due to their low incomes.
The loan will be used for purchasing a milking cow. Datuna will house the cow in the cattle shed located in his yard, and will start selling the milk at the local market. The family's income will increase by 150–200 GEL (Georgian Lari), which is a 40 to 50 percent increase. 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 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