Crystal
Crystal
Georgian microfinance lender brings innovative financial services to rural areas.
BCTA MEMBERSHIP STATUS
Alumni
SECTOR
Financial Services
HEADQUARTERS
Georgia
REGION OF INITIATIVE
Eastern Europe & Central Asia
SDG CONTRIBUTION
RELATED NEWS
Crystal, a leading Georgian microfinance lender, has joined Business Call to Action (BCtA) with a pledge to provide access to finance – including loans and value chain services – to 30,000 new clients in rural areas of Georgia, as well as disperse 1,000 new loans for green/solar solutions and energy efficiency projects by 2020. As part of this commitment, Crystal will continue its record of fostering economic opportunity for farmers, women and micro entrepreneurs.
At present, Georgia’s financial system is dominated by commercial banks, which service the country’s business sector and urban and middle class. However, accessing finance remains one of the main obstacles for small and medium enterprises in Georgia. With more than 52 percent of Georgia’s population living in rural areas and around 30 percent living below the poverty line, commercial banks are out of reach for a large swathe of the population. Due to a lack of collateral and other guarantees usually required for lending, these communities face limited opportunities to access finance from commercial banks.
Under its BCtA commitment, Crystal is addressing these challenges head-on. By offering business loans to entrepreneurs who wish to start their own businesses, Crystal is supporting the development of the small and medium enterprise (SME) sector in Georgia. Additionally, Crystal is specifically targeting low-income rural populations who would otherwise be excluded from the traditional financial system and providing them with affordable loans for business, housing, agriculture, education and more.
Through its transparent, innovative and smart financial solutions tailored to the needs of its customers, Crystal has supported the economic growth and development of thousands of its customers, 65 percent of which live in rural areas and over half of which are women.
Crystal has demonstrated rapid growth and geographical expansion in the last decade thanks to its innovative and inclusive core business practices and its transparent and responsible management. With support from the Dutch Development Bank (FMO) and other reputable international financial institutions, Crystal regularly introduces client-focused and future-oriented products and solutions to a quickly-growing base of clients.