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Marika
Marika is 18 years old, married and lives with her husband and an infant daughter. Several times, she has requested loans from local financial institutions for her trading business start-up, but without any success. Her loan requests were rejected each time because of low income and the family’s poor living conditions. The only source of income for the family is the small monthly salary earned by Marika’s husband, who works as a waiter.

Marika requested a loan from Credo to start a clothing sales business. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisions the provision of business start-up and re-startup credits with reasonable conditions for the country's rural poor, who do not have access to credit products, being regarded as “high-risk borrowers” because of low income.

Marika will purchase clothes at wholesale prices and resell them in her district for a profit. It will be hard work for Marika, but according to estimations, her business will be profitable and will increase the income of the family. The increased profit will be reinvested in her clothing trading business to increase her stock and sales volume. Her family 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
  • 95
    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 $500 helped Marika to purchase clothing for resale.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 18, 2012
Listed
Dec 19, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014