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Gocha
Gocha is 24 years old. He lives in Tskaltubo District with his wife and two infant children. Gocha requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time because of low income and the family's poor living conditions. The only source of income for the family is a small agricultural business. They have a milk cow and 2 calves. The family produces cheese and sells locally. Their income is hardly enough for food for a four member family. According to Credo estimations, the family belongs to the subsistence poor category.

Gocha requested a loan from Credo to start up a family business and build a greenhouse. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages a provision of business start-up and re-startup credits with soft conditions to rural poor, who do not have access to credit products, being regarded as "high risk borrowers" because of low income.

With the loan, Gocha will purchase all the building materials for the greenhouse. After the greenhouse is built properly, Gocha will grow greens and tomatoes. The harvested products will be sold for a good price. The new business initiative, financed with the Kiva start-up loan, will significantly increase the family income and all members will improve their living conditions.

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
  • 84
    View loans »
    Georgia Loans Fundraising
  • $7,560,775
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $975 helped Gocha to build a greenhouse.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 10, 2012
Listed
Dec 13, 2012
Currency Exchange Loss:
Possible
Ended:
Nov 18, 2013