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George
George is 52 years old. He lives in Martvili District with his wife Luiza and their two children (20 and 25 years old). George requested loans from local financial institutions several times for an agricultural business start-up, but without any success. His loan request was rejected each time, because of his low income and the family’s poor living conditions.

The only source of income for the family is their agricultural business and social assistance in the amount of 102 Laris per month.The family has a milk cow and produces cheese. They also have a plot of land where they grow maize. George sells cheese and maize in nearby villages. The average monthly income of the family is 202 Laris. It is hardly enough for food for a four-person family. According to Credo estimations, the family belongs to the "vulnerable poor" category: they get the above-mentioned monthly social assistance from the government because they are estimated to live below the poverty line.

George requested a loan from Credo to start a new type of business. His loan request was approved through a new joint initiative of Kiva and Credo. The start-up loan program provides business start-up and re-startup loans with soft conditions to the rural poor who do not have access to credit products because they as regarded as “high risk borrowers” on account of their low income. With the loan, George plans to purchase a truck. He will start trading in scrap iron. He will purchase scrap iron from local population, organize transportation, and sell it using his own truck. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. They expect that 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
  • 76
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,200 helped George to purchase a truck for a start-up business.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 27, 2012
Listed
Aug 19, 2012
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013