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George
George is 29 years old and is married with two daughters. He lives in the town of Kutaisi with his father and his family and he works as a distributor for a private company. As his income is not enough to support his five-member family, George is requesting a loan to start up a business. His request was approved within the framework of a new joint initiative of Kiva and Credo that provides loans with soft credit conditions to the rural poor, who do not have access to lines of credit as they are regarded as “high risk borrowers” because of their low income.

George is requesting a loan to start a second-hand clothing business. He will purchase second-hand clothing from wholesalers abroad and sell them in his community. According to George’s estimations, his project will be profitable and he plans to reinvest the profit from his loan back into his business. He hopes that his family's income will increase and their living conditions will improve. In addition to the above, in case of future need, George's family will have enough income to access regular credit lines available through the country’s capital market.

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
  • 72
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,500 helped George to purchase clothing to start a second-hand clothing business.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 7, 2012
Listed
Dec 11, 2012
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013