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David
David is 53 years old. He lives in Tskaltubo District with his 3 grown sons and a daughter-in-law. David requested a loan from local financial institutions several times for family business start-up, but without any success. His 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 a small agricultural business. They have 2 milk cows and 2 calves. They produce cheese and sell locally. In addition, David owns 0.5 hectare of land where he plants different kinds of vegetables. Besides his agricultural activities, David works as a baker and gets a small monthly income. It is hardly enough food for a five member family. According to Credo estimations, the family belongs to the subsistence poor category.

David requested a loan from Credo to start-up a family business and build a greenhouse. His loan request was approved in the framework of new joint initiative of Kiva and Credo. Start-up loan program envisages a provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, David will purchase all the building materials for the greenhouse. After the greenhouse is built properly, David will grow greens and the harvested products will be sold for a good price. The new business initiative, financed with the Kiva start-up loan, will significantly increase the family income and all members will 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

  • $4,600
    Average annual income
  • 72
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped David to build a greenhouse and sow greens.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 26, 2012
Listed
Nov 5, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014