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Mamuka
Mamuka is 24 years old. He lives in Khoni District with his mother and brother. The family runs a small dairy business of a milk cow, whose milk is used in dairy products. They sell their dairy products locally. Mamuka has requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time, because of low income and his family’s poor living conditions.

Mamuka requested a loan from Credo to start up a family business. His loan request was approved within the framework of a new joint initiative between Kiva and Credo. The start-up loan programs extend business start-up and re-start up credits with soft conditions to the country rural poor. These families do not have access to credit products, because they are regarded as “high risk borrowers” because of low income. With the received credit, Mamuka will purchase grapes and sugar to produce wine. After the products are purchased, the family will be able to sell a good quality wine at a high price. This will increase the income of his family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family. Mamuka 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
  • 57
    View loans »
    Georgia Loans Fundraising
  • $7,088,700
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,275 helped Mamuka to purchase grapes and sugar for producing wine.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 10, 2012
Listed
Nov 8, 2012
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2013