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Malkhaz is 39 years old. He lives in the village Duisi, Kakheti region with his family, wife Laura, mother (pensioner), 17-year-old daughter, and 3-year-old son. His daughter goes to school. Malkhaz requested a loan from local financial institutions several times for his agricultural business start-up, but without any success. His loan request was rejected every time, because of his low income and the family’s poor living conditions.

Malkhaz works as a shepherd in the village. Most of the time he is out of house at pasture. He earns 150 Laris per month. His salary and pension of his mother are the only source of the income for the family. It amounts to 250 Laris per month. It is hardly enough on food for a five member family. According to Credo estimations, the family belongs to the vulnerable poor category.

Malkhaz requested a loan from Credo to start-up an agricultural business. His loan request was approved in the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to the country's rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Malkhaz will purchase up to 30 calves. He will grow them during the following 5-6 months. He will take good care of the calves, as he is an experienced shepherd. After selling the calves, he will purchase more of them and go through the same cycle. The new business initiative will increase the income of the family and they will be able to improve their living conditions.

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
  • 39
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Malkhaz to purchase calves.
100% repaid
Repayment Term
16 months (Additional Information)
Repayment Schedule
Jul 9, 2012
Jul 23, 2012
Currency Exchange Loss:
Oct 17, 2013