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Sixty-two-year-old Asad lives in Marneuli District with his wife and son. Asad has requested loans from local financial institutions several times for family business start-ups, but with no success, his requests consistently rejected because of low income and the family’s poor living conditions.

The only source of family income is agricultural activities, including their two cows whose milk is used in cheese production. Asad owns 0.7 hectare of land upon which he grows alfalfa. He also has a greenhouse and sows tomatoes and cucumbers. According to Credo estimates, the family belongs to the subsistence poor category.

Asad's loan request from Credo was approved within 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 loans with soft conditions to the country's rural poor, who do not have access to credit products since they are regarded as “high risk borrowers” because of low income. With the loan, Asad will build a new greenhouse which will enable him to grow more vegetables and thus increase the income of the family. This new business initiative will significantly improve the living conditions of the family.

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
  • 32
    View loans »
    Georgia Loans Fundraising
  • $7,796,325
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $4,000 helped Asad to build a greenhouse and sow tomatoes and cucumbers.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Nov 21, 2012
Nov 22, 2012
Currency Exchange Loss:
Feb 17, 2014