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Bessik
Besik is 41 years old. He lives in the Telavi District with his wife Larisa and his mother, who is a pensioner. Besik requested a loan from local financial institutions several times for an agricultural start-up business, but without any success. His loan request was rejected all the time because of low income and the family’s poor living conditions.

Besik is an agricultural worker. He helps local farmers in their farms and gets a service fee for the work. The family also has a milking cow; the dairy products are partially consumed by the family and the other part is sold in the village. The average monthly income of the family is 250 Laris. This is hardly enough for food for a three member family. According to Credo estimations, the family belongs to the “subsistence poor” category.

Besik requested a loan from Credo to start-up a pig farm. His loan request was approved in the frames of a new joint initiative of Kiva and Credo. The start-up loan program envisages to provide business start-up and restart-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 credit received, Besik will purchase piglets. He will place them in an old, empty farm building located in their yard. Besik will raise the piglets and sell them after several months with a price mark-up. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. Their income will double and the family members 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
  • 43
    View loans »
    Georgia Loans Fundraising
  • $7,796,600
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Bessik to purchase piglets.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Jul 18, 2012
Listed
Aug 12, 2012
Currency Exchange Loss:
Possible
Ended:
Mar 15, 2013