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Irma
Irma is 47 years old. She lives in Lagodekhi District, East Georgia, with husband and son. Irma is also a librarian and gets monthly income. She requested loans from local financial institutions several times for family business start-up, but without any success. Her loan request was rejected each time, because of low income and family’s poor living conditions.

The only source of the income for the family is from agricultural activities. In particular, they have 4 calves. Irma owns a bakery, where she bakes different kinds of rolls. It is hardly enough food for a three member family. According to Credo estimations, the family belongs to the subsistence poor category.

Irma requested a loan from Credo to start-up her family business. Her loan request was approved in the frames of new joint initiative of Kiva and Credo. Start-up loan program envisages 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 Irma will purchase a milk cow and feeds for the cattle. She also plans to expand her shed and her dairy business. After buying a milk cow, she will be able to produce more dairy products and sell it locally at a good price. It will increase the income of the family. The new business initiative, financed with the Kiva Start-up loan 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
  • 84
    View loans »
    Georgia Loans Fundraising
  • $7,692,575
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,800 helped Irma to expand her shed and purchase a milk cow and feeds for the cattle.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 14, 2012
Listed
Nov 22, 2012
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2013