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Kartlosi
Kartlosi is 43 years old. He lives in the village of Kartubani, with his son, who is a university student. Kartlosi works at the City Council and gets a monthly salary. The income from this job is hardly enough to cover food and everyday expenses for the family. He has requested a loan from local financial institutions several times for a family business start-up, but he hasn't had any success. He wants to start a bakery and a confectionery, but his loan request has always been rejected in the past because of his low income and his lack of experience, which is usually required by local credit providers.

Kartlosi has now been approved for a loan within the framework of the 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 rural poor people, who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With his credit, Kartlosi will purchase flour and wood for baking bread and different kinds of cookies. This will increase his sales volume. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of 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

  • $4,600
    Average annual income
  • 93
    View loans »
    Georgia Loans Fundraising
  • $7,302,200
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,000 helped Kartlosi to purchase flour and wood for starting a bakery.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 4, 2012
Listed
Dec 6, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014