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Michael
Michael is sixty-two years old. He lives in Khoni District, West Georgia with his family: his wife – Darejan and two sons (twenty-three and twenty years old). Darejan works as a nurse in the village. Michael has health problems and receives a relevant pension from the government. The family owns a plot of land, where 250 nut trees are grown. Michael sells nuts on Khoni Market. The total average monthly income of the family is 450 Laris. According to Credo estimations the family belongs to the subsistence poor category.

Michael requested credit for the start-up of an agricultural business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Michael will purchase four calves and three lambs. He will place the calves and lambs in the cattle-shed, located in his yard. During six months Michael will feed them and after six months, he will sell the grown calves and sheep for higher price. Michael plans to reinvest the profit in the same business and purchase more domestic animals to expand his business. As a result of the start-up loan the income of the family will increase over the long-term. They will be able to improve their living conditions and in addition to the above-mentioned in the future the family will have enough income to access regular credit products available on country’s capital market, in case of need.

Additional Information

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 Credo

LLC 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.

About Georgia

  • $6,100
    Average annual income
  • 86
    View loans »
    Georgia Loans Fundraising
  • $7,706,100
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $950 helped Michael to purchase lambs and calves.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 23, 2012
Listed
Apr 29, 2012
Currency Exchange Loss:
N/A
Ended:
Sep 17, 2013