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Nikoloz is 33 years old. He lives in the Tskaltubo District in West Georgia, with his mother Keto. Keto is a pensioner and gets a monthly pension. Nikoloz is running a small scale agricultural business for the family. In particular, he grows nuts and 100 vine-trees on a family-owned plot of land. Nikoloz sells the harvested products on the local market. Nikoloz requested a loan from local financial institutions several times for his 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.

The total average monthly income of the family is 250 Laris, including Keto’s pension. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the vulnerable poor category.

Nikoloz is a musician by profession. He requested a loan from Credo for purchasing a musical instrument, in particular an electric piano. His loan request was approved within the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income.
After purchasing the instrument, Nikoloz will get a steady job in a local restaurant, and at the same time he will be able to provide services to the local population for private personal and corporate parties. The new business initiative will increase the monthly income of the family by 200 - 300 laris, which will mean more than 100% increase. Nikoloz and his mother 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
  • 38
    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 $2,500 helped Nikoloz to purchase a musical instrument for business purposes.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 13, 2012
Sep 5, 2012
Currency Exchange Loss:
Aug 17, 2013