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Eter
Eter is 20 years old. She lives in Telavi District with her husband, Aleksandre, her 2-year-old son and her 63-year-old grandmother.

Eter requested loans from local financial institutions several times for a family business start-up, but without any success. Her loan requests were rejected all the time because of their low income and poor living conditions.

The only source of the income for the family is the monthly pension of Eter’s grandmother. It totals 104 GEL per month. It is hardly enough for food for a four-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Eter requested loan from Credo to re-start-up a family business, which was stopped recently because of the illness of the child and financial problems. Her loan request was approved in the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Eter will purchase a horse. Aleksandre will go to the local forest and use the horse to bring wood from the forest. They will sell the wood in the village and earn income. The wood is mainly used by the village population for ovens to heat the houses and cook. The new business initiative will increase the monthly income of the family. Eter hopes that the income will be enough for the family and the new business initiative, financed with the Kiva start-up loan will significantly 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
  • 73
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $925 helped Eter to purchase a horse.
100% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 13, 2012
Listed
Sep 26, 2012
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2013