It is envisaged that because of the lower cost of Kiva funding, the loan product will be cheaper and thus more affordable for Bailyk clients.
It helps families improve their living conditions and reduce energy consumption by undertaking renovation (including better insulation) of their houses. This comes in a context where the quality of housing in Kyrgyzstan is quite low due to a number of factors such as: affordability of construction materials, low family income, etc. Thus, especially in rural areas, houses are mostly made of mud bricks with low isolation standards and rather high heating costs during winters.
Bailyk will be using the funds to scale its existing loan products, which are aiming at marginalized clients, especially those from rural areas. It is envisaged that by providing these loans heating costs will be reduced and the savings will be used for other family expenses such as: education, food, etc. alongside overall better living conditions.
About Bailyk Finance Microcredit Company:
Bailyk Finance provides entrepreneurs with access to high-quality financial products and services. Aiming to alleviate poverty, the organization helps unbanked individuals and disadvantaged groups such as women, the unemployed, and youth establish businesses in different sectors, including retail, manufacturing, agriculture, and services. Kiva lenders' funds will help the organization to expand its outreach but also to introduce new thematic areas: home improvement and renewable energy loans, which will enhance the beneficiaries ability not only to improve their living conditions but also to have substantial savings in the global context, where the cost related to energy is higher.
Adding to basket
