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George
George is 30 years old. He lives in Samtredia District with his wife, parents and two children (1 and 5 years old). George requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time because of low income and the family’s poor living conditions.

The only sources of income for the family are the monthly pensions of George’s parents and the small income earned by George working as an artisan in the village. It total 560 Laris per month. It is hardly enough for food for a six-member family. According to Credo estimations, the family belongs to the subsistence poor category.

George requested a loan from Credo to start-up a family business. His loan request was approved in the frame of a 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 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, George will build a greenhouse. He requested a loan to build a greenhouse. He will purchase building materials and construct it. David will sow different kinds of vegetables and greens to sell at a good price. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family. George awaits your support.

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

  • $4,600
    Average annual income
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,148,425
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,850 helped George to build a greenhouse.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 4, 2012
Listed
Sep 27, 2012
Currency Exchange Loss:
N/A
Ended:
Oct 17, 2014