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Jemal is 36 years old. He lives with his wife and two children (2 and 4 years old) in Batumi city. In fact, the family doesn't have a source of income and they live in poverty. So, Jemal decided to move to his village and rent his house to get a monthly income. He requested a loan from local financial institutions for the business start-up without any success. His loan request was rejected because of his low income and lack of experience in the business, which is usually demanded by local credit providers.

His loan request was approved as part of the new joint initiative between Kiva and Credo. The start-up loan program envisages providing business start-up and re-startup credits with soft conditions to country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the loan, Jemal will cover the costs of installing natural gas piping inside his house. After the house is provided with natural gas for heating and cooking, Jemal will be able to rent his house at a good price. The new business initiative, financed with the Kiva Start-up loan, will increase his monthly income and Jemal will improve the living conditions for his 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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $650 helped Jemal to install natural gas pipes in his house.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Nov 22, 2012
Nov 26, 2012
Currency Exchange Loss:
Aug 17, 2013