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Gulo is 50 years old. She lives in Akhmeta District with her husband, Eldar, her mother-in-law, her 27-year-old son, David, her daughter-in-law and two little grandchildren. Eldar is unemployed. Her son is a construction worker and gets a service fee for the work and her mother-in-law is a pensioner.

Gulo requested a loan from local financial institutions several times for agricultural business start-up, but without any success. Her loan request was rejected all the time because of low income and the family’s poor living conditions.

The only source of income for the family is the monthly salary of David and the pension of the mother-in-law. The average monthly income of the family is 250 Laris. It is hardly enough for food for a seven-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Gulo requested a loan from Credo to start livestock farming. Her loan request was approved in the framework of 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 for 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, Gulo will purchase calves. She will grow them and sell them after several months. Grown calves will be sold for a good price, bringing additional income to the family. For the next cycle, Gulo will purchase more calves. 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
  • 36
    View loans »
    Georgia Loans Fundraising
  • $7,802,825
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,000 helped Gulo to purchase calves.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Jul 31, 2012
Aug 19, 2012
Currency Exchange Loss:
Feb 17, 2014