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Malkhazi is 37 years old and lives in Zestaponi district, with his wife and two children (three and nine years old). The elder son is a schoolboy and the younger daughter goes to the local kindergarten. The only source for the family is the small income earned by Malkhaz. He is involved in a trading business. In particular, he buys fruits and vegetables at wholesale prices, transports them by his own car and sells at the local open market. Malkhazi managed to make some savings and built a store, where he plans to set up a grocery. He has requested a loan several times, but his loan requests were rejected each time because he did not meet income requirements and he lacks experience in new business, which is usually demanded by local credit providers. But Malkhazi’s loan request was approved by Credo, as part of the new joint initiative of Kiva and Credo. The start-up loan program provides credit for business start-ups and re-startups. The program extends soft conditions to the rural poor who do not have access to credit products. They are regarded as “high-risk borrowers” because of their low income. With the received credit, Malkhazi will cover the costs of purchasing his initial inventory of basic groceries for starting a grocery store. He plans to increase the turnover in his trade business gradually. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. Malkhazi will work hard, and he will be able to improve the living conditions for his family. With this loan, his family will generate enough income to access regular, available credit products in the country’s capital market, in the event they need it in the future.

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 $3,000 helped Malkhazi to start up a grocery store.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Dec 13, 2012
Dec 15, 2012
Currency Exchange Loss:
Jun 17, 2013