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Irma
Irma, 42 years old, lives in the Tskaltubo District with her daughter and grandchildren. On several occasions, Irma has requested loans from local financial institutions for her trading business start-up, but has had no success. Her loan request was rejected each time because of low income and the family’s poor living conditions.

Irma has requested a loan from Credo to start a business selling clothing. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. Irma will purchase clothes in Tbilisi at wholesale prices and resell them in her district for a profit. It will be hard work for Irma but, according to estimations, her business will be profitable and will increase the family's income. The increased profit will be reinvested in the business to increase her stock and sales volume. Family members will be able to increase their spending to satisfy their daily needs and 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
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,148,425
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $700 helped Irma to purchase clothing for resale.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 13, 2012
Listed
Dec 18, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014