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Nino
Nino is from the small town of Zestaponi. She is 44 years old, divorced and lives with her 24-year-old son. Nino gets her income from a newly started business in her local town. She is involved in a trading business. Nino buys clothes and household items from wholesalers and sells them among her neighbors. The income from this business is hardly enough to cover just food and everyday expenses for the family.

Nino requested a loan from local financial institutions several times for developing a family business, but without any success. Her loan request was rejected all the time because of her low income and the lack of experience in her job, which is usually demanded by the local credit providers.

Because the income is not enough for the family, Nino decided to expand the existing business with the requested loan. Her loan request was approved in the frames 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.

Nino will purchase stock of clothes in Tbilisi (the capital city) for wholesale prices and resell them in her town for a profit. It will be hard work for Nino, but according to estimations, her business will be profitable and increase the income of the family. The increased profit will be reinvested in the trading business to increase her stock and sales volume. The family members will be able to increase their spending to satisfy their daily needs in order to 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
  • 45
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $800 helped Nino to purchase clothing for trade.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 19, 2012
Listed
Nov 21, 2012
Currency Exchange Loss:
N/A
Ended:
May 17, 2013