CREDO Bank empowers the development of micro, small and medium-sized enterprises in Georgia since the day of its establishment. Euronews shares the article about the tiny Georgian toy company making a big difference.
Dadari in Tbilisi is much more than just a toy company. Out of the firm’s seven employees, three have learning disabilities. All of the firm's products comply with EU standards. The toys are made from solid wood and painted in organic colours. Dadari was able to expand its business after obtaining 25,000 Georgian Lari - just over 8,000 euros - from Credo Bank. The mircrofinance was made possible, thanks to credit provided by Europe.
Fostering micro-entrepreneurs
Dardari's own experience is a great example of how microfinance can foster entrepreneurship. In Georgia, the European Union, through the European Investment Bank, is working with local lenders to help very small businesses get the money they need to grow. As part of its programme the EIB made 5 million USD (4.4 million euros) available to Credo Bank in Georgia.
"The European Investment Bank facility targets micro and small enterprises. The credit line allows us to provide affordable as well as medium to long-term funding to undeserved entrepreneurs."Nana Tughushi, Investors Relations Manager at Credo Bank
Credo Bank is one of the leading banks in Georgia's microfinance market. It operates 65 service centres and supports around 230,000 customers throughout the country. The bank seeks to provide sustainable financial services to micro, small and medium-sized businesses, with a preference for rural activities and businesses that create income and employment opportunities.
"Since the launch of the programme earlier this year we have supported up to 5000 companies out of which half are run by women and 70 percent are farmers," Tughushi says.
She adds, "Those interested can visit our service centres spread across the country or go online. What is most important to know, we provide advisory services for start-ups and rural entrepreneurs."
Read more Euronews.com: http://bit.ly/2YLmEPh