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Tengiz
Tengiz is 39 years old. He lives in a small village of Tetritskaro District with his wife and two children. Tengiz requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of his low income and the family’s poor living conditions.

The only source of income for the family is from the dairy business. In particular, they have two milk cows, whose milk is used in dairy products. Tengizi’s wife produces cheese and yogurt and sells it at a good price with milk. It is hardly enough income for food for a four-member family. According to Credo estimations the family belongs to the subsistence-poor category.

Tengiz requested a loan from Credo to start-up a family business. His loan request was approved in the framework 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 country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Tengiz will purchase a minibus. After purchasing a minibus, Tengiz plans to go to the capital city with his minibus and sell milk, yogurt and cheese there. He will be able to transport more dairy products with the minibus and this will significantly 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

  • $4,600
    Average annual income
  • 93
    View loans »
    Georgia Loans Fundraising
  • $7,568,975
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $4,300 helped Tengiz to purchase a minibus so he can transport dairy products to the capital city.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 21, 2012
Listed
Nov 29, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 17, 2015