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Tengiz is 57 years old. He is a widower and lives by himself in Telavi District.

Tengiz has requested loans 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 their low income and poor living conditions. The only source of the income for Tengiz is a small monthly salary, earned by him, working as a daily worker at the fields of local farmers. He also has chronic health problems and gets a monthly pension from the local government. It totals 270 GEL per month and it is hardly enough for food and everyday expenses. According to Credo estimations, Tengiz belongs to the subsistence poor category.

Tengiz requested a loan from Credo to re-start-up a family business which had been stopped recently because of financial problems. His loan request was approved in the frames of the new joint initiative between 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 loan, Tengiz will purchase a horse. He will go to the local forest and use the horse to haul wood from the forest. He 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. He will also serve local farmers and cultivate land.

Tengiz hopes that the income will be enough for him and the new business initiative. Being financed with the Kiva start-up loan will significantly improve his 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
  • $7,807,625
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Tengiz to purchase a horse.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Nov 13, 2012
Nov 16, 2012
Currency Exchange Loss:
Dec 20, 2013