Zviad decided to contribute to the welfare of the family and start his own activity. He sold his second flat in order to buy a mini-bus for serving clients as a driver and to generate some income to increase his family's standard of living.
Zviad applied for a loan through MFO Credo, and was approved under the framework of a start-up program. This program is a joint initiative with Kiva that permits the rural poor to start or re-start businesses. A loan of $2,000 will help him to pay the mini-bus toll and then start a mini-bus line service. Zviad hopes to offer his family a higher quality of life and a more stable financial future.
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